Goldman Denies Cryptocurrency Exit | Investopedia

Business Insider reported last week that The Goldman Sachs Group, Inc. (GS) would ditch efforts to build a bitcoin trading platform, but Chief Financial Officer Martin Chavez denied the report, calling it “fake news.” Goldman ended months of rumors earlier this year when the firm hired Justin Schmidt, former senior vice president at Seven Eight Capital, as vice president and head of digital asset markets. However, the press release raised doubts about Goldman’s long-term commitment, advising, “at this point, we have not reached a conclusion on the scope of our digital asset offering.”

It was reported soon after the announcement that Managing Director Rana Yared would lead a team of executives building a platform offering a variety of financial instruments linked to bitcoin’s price. Yared noted at that time, “it resonates with us when a client says I want to hold bitcoin or bitcoin futures because I think it is an alternate store of value.” The current status…