By CCN Markets: Goldman Sachs issued a dire warning about U.S. tech stocks last weekend. Their valuation premiums are at historic highs. Add the potential threat of U.S. regulatory interventions, and Goldman sees a bear market ahead for tech. In an investor note Friday, Goldman’s chief U.S. equity strategist, David Kostin, admonished clients about the risks facing tech stocks: “Rising market concentration and the political landscape suggest that regulatory risk will persist and could eventually weigh on company fundamentals. The valuation premium for growth is elevated today relative to history; Software in particular now carries the highest multiples since the
A U.S.-based crypto market surveillance startup led by former Goldman Sachs fintech engineers has raised $ 3 million in seed funding.
The Dow Jones Industrial Average received a huge boost today as Goldman Sachs reported higher than expected earnings for the fourth quarter of 2018. Goldman Sachs delivered adjusted earnings per share (EPS) of $ 6.05 against analyst’s predictions of $ 4.53. Its revenue hit $ 8.08 billion exceeding analysts forecasts of $ 7.54 billion. The bank’s stocks have surged
According to Daniel H. Gallancy, the CEO of SolidX Partners, it was unrealistic to anticipate Goldman Sachs to run a Bitcoin business before the year’s end. Speaking to Bloomberg, Gallancy, who has been working with a major investment firm in VanEck to introduce a Bitcoin exchange-traded fund (ETF) in U.S. markets, said that investors prematurely
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Following months of investigation into the 1MDB scandal in Malaysia, the country’s attorney general Tommy Thomas has filed criminal charges against Goldman Sachs International and two of its Asian subsidiaries alongside former Goldman Partner Tim Leissner, alleged scam mastermind Jho Low and former 1MDB counsel Jasmine Loo. The Wall Street Journal reports that Malaysian authorities earlier today
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Nearly three months have passed since Goldman Sachs, a $ 73 billion investment bank based in the US, said that it is not ready to facilitate the delivery of “physical Bitcoin” to its clients. The banking giant is still not able to hold cryptocurrencies on behalf of its clients, despite growing demand from clients. At a
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The status of Goldman Sachs (GS) and its cryptocurrency operations continues to be a big question mark. While speaking at a panel presentation at CoinDesk’s Consensus: Invest conference, Goldman Sach’s digital asset head Justin Schmidt revealed that the banking giant is not yet close to offering clients custodial services for digital assets. “One of the things they ask me […]
The tough year for Nvidia (NVDA) continues as Goldman Sachs (GS) has now removed the company from its conviction list, saying it was “clearly wrong on the stock.” This news comes a week after disappointing Q3 earnings results that included a very weak forecast. As a result, Goldman has cut its price target from $ 283 to $ 200, which is the […]
Mike Novogratz’s crypto investment bank, Galaxy Digital Capital Management, hired Goldman Sachs banker Ian Taylor to oversee the group’s advisory-services arm. Taylor will join Galaxy Digital before January 2019, sources told Bloomberg. Taylor was a managing director at Goldman, where he worked for almost 19 years, according to his LinkedIn profile. At Galaxy Digital, he
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According to a report in the New York Times, Goldman Sachs bankers have been successfully brought to heel regarding their part in a massive multi-billion dollar embezzlement scheme in league with former Malaysian PM Najib Razak, who used proceeds from the scandal to purchase luxury items and fund an extravagant lifestyle. There’s nothing overly special
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Inside sources say Goldman Sachs is already onboarding some of its clients to trade on its Bitcoin derivatives, non-deliverable forward (NDF) contracts platform. However, the bank reportedly has no plans to launch trading support for other cryptocurrency derivatives but is serious about providing custodial services.
Goldman Trading Bitcoin Derivatives?
According to the International Business Times, the Wall Street Bank is allowing a select group of clients trade a Bitcoin-based derivative product. The lack of fanfare around the reported launch might be a deliberate attempt by Goldman Sachs to work out all the kinks from the project before the major launch.
After months of conflicting reports, it looks like investment banking giant Goldman Sachs (GS) is now onboarding clients to adopt its new Bitcoin (BTC) derivative product. According to a recent report by The Block that cites insiders familiar with the matter, Goldman Sachs is currently introducing a small number of institutional investors to its bitcoin non-deliverable forward […]
In today’s edition of The Daily we cover stories about the latest investment in the cryptocurrency space by Goldman Sachs, the amount institutional traders borrowed in the last six months from just one OTC desk, research on state-sponsored hackers, and a new security tool from Coinbase.
Goldman Sachs Invests in Bitgo
Bitgo, the cryptocurrency security and custody company, announced on Thursday the second close of its Series B funding round, bringing the total raised in this round to $ 57.5 million. The new investors who joined in the round are Goldman Sachs’ Principal Strategic Investments group and Mike Novogratz’s Galaxy Digital Ventures. The funding is earmarked to supporting Bitgo’s wallet development.
The race for the cryptocurrency custodial king is quickly heating up. Just days after Fidelity Investments announced that it would offer crypto security and storage services, BitGo has announced the closing of its Series B funding round. The startup offers crypto custody solutions through its BitGo Trust subsidiary. The $ 58.5 million round saw participation from Wall Street giant Goldman Sachs as well as from former hedge fund manager turned Bitcoin bull Mike Novogratz. BitGo will use the funds to develop its crypto wallet as it seeks to capitalize on increasing interest from institutional investors.
Palo Alto-based startup BitGo, which develops secure wallets for crypto custody, has raised a $ 57.5 million Series B financing round led by Goldman Sachs (GS) and Michael Novogratz, the CEO of cryptocurrency focused merchant bank Galaxy Digital LP (GLXY). EXCLUSIVE: Goldman Sachs and billionaire @novogratz are investing in crypto custodian BitGo https://t.co/L1wiEZxHr6 — Bloomberg Crypto (@crypto) October 18, 2018 According […]
Mike Novogratz thinks Bitcoin’s long-awaited institutional investor pile-in will happen by Q2 2019 as his Galaxy Digital tests Fidelity Investments’ new custody solution.
Custody Opens Road To Influx In ‘Q1/Q2’ 2019
Speaking to Bloomberg October 15, the infamously bullish Novogratz said that while Bitcoin market maturity was taking “a little longer than you hoped it would,” the advent of custody improvements like Fidelity’s would ultimately facilitate institutional onboarding.
“It’s not going to happen overnight,” the former Goldman Sachs partner told the publication.
The blockchain space became a little stronger today as former Goldman Sachs president Gary Cohn announced that he had joined the advisory board of distributed ledger technology (DLT) startup Spring Labs. Former Trump Advisor Joins Blockchain Startup In addition to his former position at Goldman Sachs, Cohn also worked in the White House as President Trump‘s
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San Francisco-based startup Veem, a blockchain-powered payment service for small businesses, has reportedly raised $ 25 million in a funding round led by Goldman Sachs, with GV (formally Google Ventures), Kleiner Perkins and Silicon Valley Bank also participating. In case you missed it, Veem announced the close of our most recent strategic funding round led by @GoldmanSachs! Big […]
On September 26th, Circle announced the release its new stablecoin USD Coin (USDC), which will begin trading on Circle’s Poloniex exchange immediately. The new USDC stablecoin will be fully collateralized by USD at a 1:1 ratio. The stablecoin market has been particularly active recently, with several other projects launching in past few months.
Circle’s announcement also highlights that the firm has over thirty supporting companies lined up to begin offering trading and support for the new stablecoin. Exchanges that have agreed to begin trading in the new stablecoin. In addition to Poloniex, other exchanges include OKCoin, KuCoin, Digifinex, Coinplug, XDAEX, and CoinEx. Additionally, numerous prominent wallet providers have pledged to begin supporting USDC shortly.
South Korea’s national postal service operator, Korea Post, has reportedly sought out Goldman Sachs’ assistance in regards to learning about cryptocurrencies. Korea Post, which currently 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. In a recent interview, […]