Bitcoin, Blockchain & Cryptocurrency News

bitcoin Bitcoin
ethereum Ethereum
ripple XRP
Show details
Goldman Sachs FX Trader Leaves to Join Crypto Broker

Goldman Sachs FX Trader Leaves to Join Crypto Broker

Reading Time: 2 minutes by on January 20, 2018 Bitcoin, Commentary, Finance, News

In a sign that crypto is becoming more mainstream, as well as having long-term potential, an executive director from the esteemed financial behemoth Goldman Sachs has decided to leave the firm to get on board with a UK-based cryptocurrency broker.

From Nefarious to Legitimate

Phillip Gillespie was with Goldman since 2015, and his new position will be as the chief executive of the Japanese operations for B2C2, with Gillespie taking up the role officially on January 29, 2018.

The likes of bitcoin began with a criminal reputation in that criminals used the currency to launder their money, but in recent years the actual value of bitcoin, digital currencies, and the underlying blockchain technology has started to infiltrate everyday society. More and more people are waking up to the fact that cryptocurrencies are here to stay and fulfill a legitimate role.

Alongside the rise in popularity, a steady introduction of financial instruments related to bitcoin are also appearing. CME Group and Cboe Global Markets are two of the largest exchanges for derivatives in the world, and they introduced the very first bitcoin futures contracts in December 2017. This was done with the aim of attracting more professional and institutional investors.

ETFs on the Horizon?

It also seems like only a matter of time before the first bitcoin and cryptocurrency related exchange traded funds (ETFs) are introduced. There are many applications filed with the United States Securities and Exchange Commission by parties interested in launching their own crypto ETFs, and it appears that some of these will be approved in the near future.

The founder of B2C2 is Max Boonen, and he is delighted that someone of Gillespie’s caliber has gotten on board with the broker as they aim to expand their operations in the Asian Pacific region. The formal position that Gillespie held at Goldman was that of an algorithmic trader for foreign exchanges. He also worked in the past as an FX voice and systematic trader at JP Morgan Chase and Barclays.

This news comes only a few days after six asset managers from some of the leading firms in the world talked about how they refused to invest in bitcoin even though there have been astronomical gains over the previous 12 months or so.

Bitcoin went from being under $1,000 at the start of 2017 to nearly hitting $20,000 before the year was out. Bitcoin has been more turbulent during the first few weeks of 2018, with it falling below the $10,000 mark at one stage.

The firms that were categorically not interested in any cryptocurrency investments were Man Group, Aberdeen Standard Life, M&G Investments, Janus Henderson, Aviva Investors and Schroders. They claimed that cryptocurrencies were too immature a financial instrument and they would only be engaging in speculation.

Like BTCMANAGER? Send us a tip!
Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4
Join our telegram channel