Different from its future mentor, Bloomberg proceeds with, KP has "no plans" for cryptocurrency venture of any kind, Kang in any case underscoring the general narrative that the marvel is one to get a handle on instead of keeping away from.
The fragility of the crypto market was tested by this news as it took Bitcoin (BTC) down over five percent bringing it below United States dollars 6400. "And in the commodities market, there's many ways to participate". But according to CNBC, its plan for the initiative has never been very clear.
Taking the stage at the TechCrunch Disrupt Conference in San Francisco, Chavez looked to clear the controversy surrounding recent news that Goldman Sachs is postponing its launch of a Bitcoin trading desk.
According to "people familiar with the matter", the investment bank got cold feet about trading the digital currency because "the regulatory framework for crypto remains unclear".
Similarly, India's Securities and Exchange Board (SEBI) in its 2017-18 annual report, announced that the agency organized tours to other countries for its officials to study cryptocurrencies and Initial Coin Offerings (ICO).
The CFO assured the audience that Goldman is still working on a type of derivative for bitcoin because "clients want it".
CFO Chavez revealed that the company is working on a type of Bitcoin derivative, non-deliverable forwards, which will be over the counter derivatives settled in USA dollars.
The value for these cryptocurrencies started decreasing after a report on Business Insider which stated that Goldman Sachs, a leading investment banker, was retracting from forming a cryptocurrency trading firm.
Korea Post, which now oversees a $112 billion investment fund, will soon meet with executives from the Goldman Sachs research team to discuss digital assets, artificial intelligence and blockchain technology.
"When we talked about exploring digital assets it was going to be exploration that would be evolving", he said.
Other large financial firms have meanwhile also pulled back on digital money projects with bitcoin prices plunging this year.
James Mawhinney, managing director of investment boutique Mayfair101, said the volumes of trading now in cryptos are too small for a giant such as Goldman.
"From the perspective of custody, we don't yet see an institutional-grade custodial solution for Bitcoin", Chavez said. He acknowledged that Goldman is interested in providing that solution for clients, but suggested that it may be some time before that happens.