Goldman Sachs Group Inc. is halting its plans to open a cryptocurrency trading desk, Business Insider reports September 5, citing sources familiar with the matter. The bank’s plans to create a crypto-focused unit by the end of June 2018 were originally reported by Bloomberg, with sources claiming that Goldman Sachs aims to become "the first large Wall Street firm to make markets in cryptocurrencies." Now, Business Insider reports citing unnamed sources that the bank has lowered the priority of this project, as the regulatory environment in the crypto industry remains unclear. It might take many steps before a regulated bank …

Enterprise-focused blockchain startup Axoni has raised $32 million in a funding round led by Goldman Sachs and other high-profile banks and venture capital investors, Forbes reports August 14. The $32 million Series B funding round was led by Goldman Sachs and Nyca Partners, with numerous other investors including Wells Fargo, JPMorgan, Citigroup, and Andreessen Horowitz. The fresh investment brings Axoni’s total financing to $55 million to date. Axoni’s co-founder, Greg Schvey, told Forbes that the round represented not just an injection of capital but a “deep strategic” alliance, given that many of the investors are themselves innovating the traditional financial …

UK-based bank Barclays has denied it is working on opening a crypto trading desk. The statement was made after two employees removed LinkedIn evidence they were working on a digital assets project at the bank, Business Insider reports August 6. According to Business Insider, Matthieu Jobbe Duval and Chris Tyrer, whom Barclays confirmed worked for the bank, had listed cryptocurrency-related duties on their LinkedIn profiles. Duval had written he was involved in a “digital asset project” and was “hired to produce a business plan for integrating a digital assets trading desk into Barclays' markets business: revenue opportunity, competitive landscape, budgeting …

Goldman Sachs plans to “offer [clients] custody for crypto funds,” insider sources told Bloomberg August 6, as the investment bank says it remains “undecided” on its cryptocurrency plans. As the publication reports, Goldman, which in May first hinted it would trade Bitcoin futures, now aims to offer various products linked to digital assets “in response to client interest.” “In response to client interest in various digital products we are exploring how best to serve them in this space,” a spokesman said, adding: “At this point we have not reached a conclusion on the scope of our digital asset offering.” Unofficial …

Bitcoin (BTC) and “unsteady cryptocurrency mania” are the one of six factors that threaten Goldman Sachs 2018 market outlook, according to a July 2018 report by the Goldman Sachs Investment Strategy Group. The report entitled “(Un)Steady as She Goes,” highlights “cryptocurrency mania” as one of several factors that could affect their initial market outlook for this year. Other factors listed included terrorism, the rise of populism, rising geopolitical tensions, and an increasing threat of cyberattacks. The investment bank expects cryptocurrency markets to “further [decline] in the future given our view that these cryptocurrencies do not fulfill any of the three …

Following a breakout year for cryptocurrencies, 2018 has been extremely challenging — to say the least. With Bitcoin and numerous altcoins hitting all time highs in December, a sobering market correction followed and the markets have only started to settle midway through this year. There have been many reasons for the cryptocurrency markets being battered by bearish sentiments across the board. However, having passed the midway mark of the year, there are increasingly encouraging signs that institutional investors are changing their tune once again — hinting that mainstream adoption is around the corner. Furthermore, Bitcoin has reached market cap levels …

Multinational investment bank Morgan Stanley has hired a self-described crypto trading expert and 12-year veteran of Credit Suisse as its new head of digital asset markets, eFinancialCareers reported July 31. The new appointment, Andrew Peel, spent his last three years at Credit Suisse as vice president of sales and trading innovation, in which role he acted as “trading subject matter expert for Bitcoin and cryptocurrencies” according to his LinkedIn profile. His page also includes an independent position as “advocate of crypto markets” as of June 2013. Nabbing a crypto enthusiast for its team aligns with Morgan Stanley’s evolving stance towards …

Major U.S. cryptocurrency wallet and exchange Coinbase announced in a July 31 blog post that ex-Pershing exec Jeff Horowitz will join the company as its Chief Compliance Officer. Horowitz previously worked as the managing director and global head of compliance at Pershing LLC — a BNY Mellon Company — as well as leading a variety of compliance and anti-money laundering (AML) programs at Citigroup, Goldman Sachs, and Salomon Brothers, and serving as a banking regulator with the Federal Deposit Insurance Corporation (FDIC). According to Coinbase COO and President Asiff Hirji, Coinbase hired Horowitz to guide them as the company “expand[s] …

Forex exchange (FX) settlement giant CLS is in the final stages of testing its blockchain payment service for banks, Financial News reported July 27. The service is reportedly set to be launched later this summer, with at least seven banks expected to sign on to the system in the early months. CLS, the New York-based global multi-currency cash settlement system, has been working with tech company IBM to introduce the blockchain-powered payment netting service. The system is set to be incorporated in banking IT systems to boost the level of standardization in the global FX markets, as well as reduce …

For the first time, Fortune has created a crypto-focused version of its prestigious “40 under 40” honor roll for the most impressive young disruptors in the finance and technology industry, published July 23. Dubbed “The Ledger 40 under 40,” the list is dedicated to innovators at the helm of the “financial revolution” ushered in by cryptocurrencies, blockchain, and other distributed ledger technologies. Last week, five crypto industry representatives had already clinched four spots on Fortune’s existing “40 under 40” — all of whom reappear in the inaugural Ledger list. These include the CEO of major U.S. crypto exchange and wallet …

Former Wall Street executive Mike Novogratz has recently predicted that mass adoption of crypto and blockchain is “still five to six years away,” Blokt blockchain and tech news outlet reports July 19. Speaking at the Beyond Blocks conference in South Korea, Novogratz, CEO and founder of crypto investment firm Galaxy Digital, still expressed confidence that many institutions will come into the industry “in the next two to three years,” claiming that “without that, we will be running in circles.” However, the mass adoption of crypto and blockchain technology will come not earlier than in a half a decade, Novogratz added …

Witnesses before the U.S. House of Agriculture Committee at a public hearing July 18 were unanimous in their view that digital assets complicate the hard and fast distinctions of existing regulatory frameworks. The hearing was chaired by Texas U.S. Representative Michael Conaway, who convened six eminent witnesses to give testimony — former Goldman Sachs partner and U.S. government regulator Gary Gensler, Andreessen Horowitz managing partner Scott Kupor, the CFTC’s Daniel Gorfine, law professor Joshua Fairfield, Clovyr CEO Amber Baldet, and Perkins Coie managing partner Lowell Ness. A key takeaway from the hearing was that a given digital asset may shift …