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Goldman Sachs CEO David Solomon has refuted that the bank ever had any plans to open a crypto trading desk. Goldman Sachs CEO David Solomon has categorically refuted that the bank ever had any plans to open a crypto trading desk and stated that earlier media reports suggesting otherwise were incorrect. Solomon made his remarks before the United States House of Representatives Financial Services Committee on April 10, during a hearing entitled “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the Financial Crisis.” As previously reported, Goldman Sachs’ alleged plans to create a crypto-focused unit by the end of June 2018 were originally covered in a December 2017 report from Bloomberg. In September 2018, unnamed sources told Business Insider that the project had been put on hold. Several days later, the firm’s chief financial officer, Martin Chavez, told reporters that the recent reports were “fake news.” In his remarks, Solomon said that G..
Goldman Sachs-backed cryptocurrency startup Circle is reportedly looking to raise $250 million of funding. Goldman Sachs-backed cryptocurrency finance firm Circle is reportedly looking to raise $250 million of funding in a combination of equity and debt. The source of information are claims made by an anonymous person familiar with the company’s plans, as cited in a report by technology news website The Information on March 2. According to the article, Circle — which generates revenue from trading fees on its cryptocurrency exchanges (Poloniex and the institutional offering Circle Trade) — has seen a decrease in its proceeds after the overall crypto market crash lead to decreased trading volumes. Still, in an interview with The Information, Circle’s co-founder Jeremy Allaire claimed that the company’s revenue grew between 2017 and 2018 despite the fall in crypto prices. As Cointelegraph reported in January, the over-the-counter (OTC) crypto trading desk at Circle (Circle Trade) had a ..
MaiCapital, a blockchain-oriented hedge fund, has appointed former Goldman Sachs executive Marco Lim as a managing partner at the company. Former Goldman Sachs executive Marco Lim has reportedly been appointed as a managing partner at Hong Kong-based blockchain and cryptocurrency-focused hedge fund MaiCapital, Finance Magnates reported on Feb. 25. Prior to joining MaiCapital, Lim also served at Deutsche Bank, Credit Suisse, and Forex Capital Markets, specializing in foreign exchange sales, according to Lim’s LinkedIn profile. At MaiCapital, Lim is expected to bring his expertise in sales and marketing to further develop the company. Benedict Ho, a Co-Founder and Managing Partner at MaiCapital, told Finance Magnates that “Marco will focus primarily on marketing and establishing strategic partnerships for MaiCapital and its group companies. His long-standing investment banking relationships and market experience should bolster MaiCapital’ leading position in the digital asset management..
Solidus Labs, a trade surveillance firm backed by Goldman Sachs fintech veterans, raised $3 million from Hanaco Ventures. Solidus Labs has raised $3 million to combat crypto market manipulation, according to a press release shared with Cointelegraph on Feb. 20. Solidus Labs is a trade surveillance firm whose team includes former Goldman Sachs fintech engineers. The company reports to helps both traditional and crypto-focused service providers foster compliance while trading digital assets. Through the recent funding round, led by Israeli venture capital firm Hanaco Ventures, the team plans to further develop its crypto-oriented market surveillance tools designed for financial institutions and exchanges interacting with crypto assets. By implementing artificial intelligence (AI) and machine learning technologies, Solidus analyzes trading patterns and detects anomalies in real time, enabling compliance officers to react immediately. According to the press release, the Solidus Labs SaaS ..
Advertisement This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release. BitMart Exchange, a premier global digital asset trading platform, recently announced the listing of USD Coin (USDC), a dollar-backed stablecoin that is issued by the cryptocurrency finance firm – Circle. By listing a safe and transparent tokenized fiat currency, BitMart is ready to embrace a more open crypto-powered financial system. USDC is the first stablecoin supported by Coinbase; the underlying technology behind it was developed collaboratively between Coinbase and Circle. It is a blockchain-based digital dollar where each token is strictly pegged 1:1 to the U.S. dollar. This means the coin can be ..
U.S. crypto wallet and blockchain security firm BitGo gets $15 million from banking giant Goldman Sachs and Galaxy Digital’s Mike Novogratz. U.S. banking giant Goldman Sachs and its former partner Mike Novogratz, now CEO of crypto investment firm Galaxy Digital, have recently invested in U.S. crypto custody service BitGo, Bloomberg reports Wednesday, Oct. 18. In total, BitGo's series B fund rounding has brought in $58.5 million. According to Bloomberg, Goldman Sachs and Novogratz together contributed about $15 million, as their clients show growing interest in cryptocurrencies. Bloomberg notes that BitGo managed to raise a total of $70 million in all of its fundraising rounds. The significant investment from two firms affiliated with Wall Street might help BitGo attract more wealthy investors in the future, Bloomberg believes. BitGo is an American crypto wallet and blockchain security firm founded back in 2013. As Cointelegraph wrote earlier, in September, the company received a ..
Goldman Sachs has led a $25 million strategic funding round for blockchain startup Veem. U.S.-based banking giant Goldman Sachs has led a $25 million strategic funding round for blockchain payments startup Veem, with participation also confirmed to Cointelegraph from Silicon Valley Bank on September 27. Veem, which utilizes digital ledger technology to increase the efficiency of small business payments, noted in their press release that the funding round also received participation from GV (formerly Google Ventures), Trend Forward Capital, Extol Capital, Kleiner Perkins, and Pantera Capital, among others investors. Forbes notes that Goldman Sachs invested through its Principal Strategic Investment Group, and that Rana Yared, a Goldman Sachs managing directors, will sit on Veem’s board as a non-voting observer. With this latest funding round, Veem plans to develop new partner integrations, as well as “rely on increased automation, including built-in anti-money-laundering and know-your-..