Goldman Sachs Hires Cryptocurrency Trader Expert Justin Schmidt as Head of Digital Asset

As virtual currencies keep expanding and competing with financial institutions, banks are starting to invest more in research and development. At the same time, they are trying to increase the amount of cryptocurrency experts in their teams.

Goldman Sachs Hires Crypto Expert

According to Bloomberg, Goldman Sachs Group Inc. has just hired the crypto trading expert, Justin Schmidt as head of digital asset markets. The main intention is to help clients of the bank to gain exposure to the crypto market. 

Due to the rise of virtual currencies the last year, investors are starting to diversify their portfolios in order to gain exposure in the markets. But some financial institutions like banks, are not ready to offer clients the services they are requiring. That’s why Goldman Sachs Group has decided to hire Justin Schmidt.

Mr Schmidt was working as vice president at the securities division in New York. At the same time, he worked in the past at quantitative trading firms Seven Eight Capital LLC and WorldQuant LLC.

Since some months, Goldman Sachs is trying to offer different crypto-related investments to its clients. Indeed, the company was the first to clear Bitcoin futures offered by the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME). At the same time, the company had plans to start a trading desk.

But there is an increased interest for virtual currencies and Bitcoin. But there is a problem, in general, it is a complicated for institutional and traditional investors to find regulated exchanges and or financial institutions that offer crypto-related investments.

And this is one of the reasons why Goldman Sachs is investing in experts that will help the bank increase its crypto-related offer to its clients.

Tiffany Galvin-Cohen, Bank Spokeswomen commented:

“In response to client interest in various digital products, we are exploring how best to serve them in the space. We have not reached a conclusion on the scope of our digital asset offering.”

Banks will need to adapt to this new market if they want to keep attracting investors and clients.

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