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Goldman Sachs resumes crypto trading after a 3-year hiatus

Investment bank Goldman Sachs has relaunched its crypto trading after a three-year pause and plans to once again support Bitcoin futures trading. Contrary to previous reports, the source said the service will resume in mid-March, not next week.

This decision is part of an effort to expand into crypto assets, which could see Goldman Sachs pursue a Bitcoin ETF to accelerate asset development the company holds. This will be part of Goldman’s global markets division in the United States.

The bank initially had plans to launch cryptocurrency trading in 2017 but delayed those plans in 2018 due to regulatory concerns. Previously, Goldman Sachs refused to see Bitcoin as an investment tool, then joined JPMorgan and UBS to invest in Polkadot’s ETF (DOT). In January 2021, Goldman is looking to rejoin the crypto industry, including offering custody rights, within the coming months.

This move by Goldman comes after America’s oldest bank BNY Mellon accepts Bitcoin custody and the cryptocurrency is reportedly partnering with Fireblocks. When BNY Mellon holds Bitcoin on behalf of the client and launches additional services.

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