Goldman Sachs
| Goldman Sachs Group, Inc. | |
| |
| Founded | 1869 |
|---|---|
| Headquarters | New York, NY |
| Key People | David Solomon, Chairman and CEO |
| Employees | 10,000+ |
| Products | Brokerage, investment banking, asset management |
| @goldmansachs | |
| Profile | |
| goldmansachs | |
| Website | Goldman Sachs Homepage |
Goldman Sachs (GS) is one of the world's largest investment banks and trading houses. It's a long-standing member of[Wall Street's so-called "bulge bracket" of securities-industry powerhouses that includes arch-rivals Morgan Stanley, Merrill Lynch and JPMorgan Chase & Co. Like many competitors, Goldman suffered from the sub-prime mortgage meltdown in 2007 and in the following years took some hits, largely as a result of public criticism.
History
Goldman Sachs was founded in 1869 by German immigrant Marcus Goldman when he opened a commercial paper business on New York City's Pine Street.[1] The business was restructured in 1989 when the Goldman Sachs Group, LP was formed to serve as the Goldman parent company. In 1996 the Goldman Sachs Corporation, owned by a partnership of Goldman's managing directors, became the Group's sole general partner.[2]
Cryptocurrency
Goldman Sachs has a complicated history with the cryptocurrency and blockchain space. The nearly 150-year-old brokerage announced that it was setting up a cryptocurrency trading desk during the bitcoin price explosion in December 2017, after Cboe and the CME Group originally launched their bitcoin derivatives products.[3] Despite this, Goldman has a long history of drawing the ire of the cryptocurrency community, issuing statements decrying the entire space as a speculative bubble, comparing it to the Dutch "tulipmania" of the 17th century, and even outright declaring that it is "not an asset class."[4][5][6]
Despite its apparent distaste for cryptocurrencies, Goldman has continued to build out its digital assets branch and, ostensibly, explore the commercial viability of cryptocurrencies, as well as - potentially - creating its own digital token (perhaps one similar to JPMorgan's JPM Coin). By Q3 of 2020, the team had grown to ten people, including Amar Amlani, former executive director in cross assets financing, and Oli Harris, former head of digital asset strategy and Quorum at JPMorgan. In August 2020, Goldman named Matthew McDermott as the new head of its digital assets business. In September 2020, cryptocurrency news outlet The Block reported that Goldman had made two new international hires - a vice president position in the U.K., and a research and development software engineer in Singapore, [7]
On June 18, 2021 Galaxy Digital announced that it had been selected by Goldman to provide liquidity for the bank's block trades in cryptocurrency futures. Galaxy Digital's announcement included the following statements from Max Minton, Head of Digital Assets for Goldman Sachs's Asia-Pacific Division: "Our goal is to equip our clients with best execution pricing and secure access to the assets they want to trade." and "In 2021, this now includes crypto, and we are pleased to have found a partner with a broad range of liquidity venues and differentiated derivatives capabilities spanning the cryptocurrency ecosystem to help fulfill this goal."[8]
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References
- ↑ History and Growth. Goldman Sachs.
- ↑ Goldman Sachs History 1999. Goldman Sachs.
- ↑ Goldman Is Setting Up a Cryptocurrency Trading Desk. Bloomberg.
- ↑ Goldman issues a warning on bitcoin—and an even bigger warning on Ethereum. MarketWatch.
- ↑ Leaked documents show what Goldman Sachs really thinks of Bitcoin. Fortune.
- ↑ Goldman Sachs unintentionally sparked a war with cryptocurrency evangelists. CNBC.
- ↑ Goldman Sachs looking to round out digital assets team with new international hires. The Block.
- ↑ Galaxy Digital Secures Position as Liquidity Provider for Goldman Sachs' Bitcoin Futures Block Trade. Galaxy Digital.
