Executive Summary
Continuing innovation in the cryptocurrency space has led to increased transaction volume, trading volume, and skyrocketing valuations. As market participants realize that bitcoin and its crypto brethren are not just a passing fad but rather an emerging new asset class, they want in on the action.
This is what prompted the recent announcement from Goldman Sachs that they were exploring establishing a bitcoin trading desk.
So what would this actually look like? How would Goldman source liquidity from the exchanges and OTC desks? What are the regulatory and compliance concerns? What would the custody function look like?
In this Greenwich Report, we explore these topics and look at the economic drivers behind Wall Street's next trading desk.