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The value of cryptic currency is very much dependent on the behaviour of the market. A small decision by an authority can have a major impact. Yesterday, for example, we heard that the Goldman Sachs bank would have decided not to make a crypto exchange anyway. As a result, the market crashed and many currencies lost more than ten percent of their value. Now that turns out to be fake news.

Today, Marty Chavez, the CFO of Goldman Sachs, reports during a presentation at TechCrunch Disrupt that yesterday’s story is fake news. The bank is still looking at ways to offer cryptographic currency as a service. Chavez does emphasize that there is no timeline yet and that plans are still being worked on.

No announcement

The CFO told us during Disrupt that no announcements have been made. Nothing has changed for us either, according to Chavez. So he says he can’t do anything other than describe yesterday’s message as fake news. A platform for trading bitcoin is still being developed.

According to Chavez, there is a lot of demand from customers for an exchange platform that really professionalises the bitcoin trade. But that’s not easy, and many customers also want to have a physical form of bitcoin according to Chavez. That’s incredibly interesting, but also extremely challenging. Nor would there be a good solution to this yet.

No timeline

There is no timeline yet for the possible launch of a Goldman Sachs platform. We are interested in it, but it is a long way to go, so I would only speculate, Chavez stresses. Therefore, he does not mention a timeline and the CFO stresses that this part of the evolution [of bitcoin] is not yet complete.

The question is also whether banks like Goldman Sachs are willing to jump on board a cryptic currency, when its value is so volatile. The bitcoin was worth $20,000 in January, but it fell sharply in value. At the time of writing, the currency is only worth USD 6 500, partly because of yesterday’s news, because just before that the currency was worth 15% more.

This news article was automatically translated from Dutch to give Techzine.eu a head start. All news articles after September 1, 2019 are written in native English and NOT translated. All our background stories are written in native English as well. For more information read our launch article.