Bitcoin Trading Desk: Goldman Sachs CFO Says Speculation Is 'Fake News'

One of the first major investment banks to enter the cryptocurrency sector, Goldman Sachs has been hinting at launching a Bitcoin trading desk since June.

Following news of a delay, Goldman Sachs CFO Martin Chavez is now saying that the firm never had a timeline for it in the first place.

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.

Goldman Sachs already offers Bitcoin futures trading services to clients but has been exploring cryptocurrency trading options beyond the sole derivative.

While still industry-forward, the firm did not explicitly say they were working on launching a Bitcoin trading desk.

In June, it was largely speculated that the "Other activities" mentioned would mean the firm's entrance into direct cryptocurrency trading for institutional clients.

While the firm may not have been planning to launch a Bitcoin trading desk, Goldman Sachs is still developing a custodial solution for cryptocurrency investors.

The custodial service means Goldman Sachs would hold cryptocurrencies on behalf of funds and investors, providing a safeguard for client capital from hacking and cybertheft.

If enacted, Goldman Sachs would become the first major investment bank to back cryptocurrency funds-potentially drawing an influx of institutional capital to the sector.

The launch date of Goldman Sachs' custody offering has not yet been disclosed.