We stand in support of the Bitcoin developer community and the many others who've been threatened for hosting the White Paper. Craig Wright does not have copyright ownership over the Bitcoin White Paper. Today, COPA initiated a lawsuit asking the UK High Court to declare that Mr. The Crypto Open Patent Alliance (COPA), the cryptocurrency industry group that focuses on patent laws, agreed to Cobra's statement and filed a countersuit on Apr. However, Cobra downplayed the Australian computer scientist's allegations, saying that the claims are without merit and refused to take down the whitepaper. Used with permission."As the author of the white paper, I feel compelled to exercise my legal rights and to ensure that it cannot be marketed in such a way-not just so that Bitcoin can live up to its potential, but so that people are not misled into supporting a different endeavor, having been led to believe that they were supporting Bitcoin," he wrote. Matthew Leising in Los Angeles at contact the editors responsible for this story: “There is progress being made in offering ETFs, new custody providers coming online and optimism that regulatory efforts are coming into focus.
“The crypto ecosystem is developing rapidly,” Chow said. Goldman Sachs may next offer hedge fund clients exchange-traded notes based on Bitcoin or access to the Grayscale Bitcoin Trust, one of the people said. In a similar way, the Morgan Stanley and JPMorgan trusts give customers access to vehicles tracking Bitcoin’s price while using a third party to buy and hold the underlying digital asset. As derivatives settled with cash, the products Goldman Sachs is offering don’t require dealing with physical Bitcoin. “We’ve seen rapid adoption and interest in crypto from more traditional financial firms this year, and Goldman’s entrance into the space is yet another sign of how it’s maturing.”īanks are still wary of the regulatory challenges of holding Bitcoin outright. “Goldman Sachs serves as a bellwether of how sophisticated, institutional investors approach shifts in the market,” said Justin Chow, global head of business development for Cumberland DRW. Read more: Wall Street Stays on Crypto Sidelines as Tesla Boosts Bitcoinīut client interest and Bitcoin’s astronomical price gains - reaching a high of almost $65,000 in April - have turned many bankers around, with Morgan Stanley making a Bitcoin trust product available to its customers and JPMorgan working on a similar offering. While Dimon later softened his tone, the banking world has long seen Bitcoin as a plaything for criminals, drug dealers and money launderers. Chief Executive Officer Jamie Dimon once threatening to fire any of his traders caught buying and selling the digital currency.
The partnership with Cumberland underscores the bank’s willingness to work with outside firms to help it do so, according to people familiar with the matter, speaking on the condition they not be identified.įor years after its creation in 2009, Bitcoin was shunned by Wall Street banks, with JPMorgan Chase & Co. But the push into forwards dramatically increases its capacity to help big investors take positions. Goldman Sachs, which restarted a trading desk this year to help clients deal in publicly traded futures tied to Bitcoin, said in March it was also close to offering private wealth clients additional vehicles to bet on crypto prices. The new offering is “paving the way for us to evolve our nascent cash-settled crypto-currency capabilities.” “Institutional demand continues to grow significantly in this space, and being able to work with partners like Cumberland will help us expand our capabilities,” said Max Minton, Goldman’s Asia-Pacific head of digital assets. Goldman, which still isn’t active in the Bitcoin spot market, introduced the wagers to clients last month without an announcement. The firm then protects itself from the digital currency’s famous volatility by buying and selling Bitcoin futures in block trades on CME Group Inc., using Cumberland DRW as its trading partner. The investment bank has opened up trading with non-deliverable forwards, a derivative tied to Bitcoin’s price that pays out in cash. is wading deeper into the $1 trillion Bitcoin market, offering Wall Street investors a way to place big bets.