So the cryptocurrency craze appears to have spread to derivatives.
Goldman’s digital-currency-trading group is part of the firm’s currencies and emerging-markets trading division, CNBC reported. It reports to Goldman Partner Rajesh Venkataramani, who wrote the memo, obtained by CNBC..
The New York investment bank wants to “selectively onboard” institutional crypto players to broaden its business, according to the memo.
Goldman stock recently traded at $361.70, down 1.2%. Bank stocks in general fell Friday after a weaker-than-expected jobs report.
Goldman shares have soared 82% amid over the past six months amid its strong financial performance and rising long-term interest rates.
In other cryptocurrency news Friday, Tesla Chief Executive Elon Musk is at it again on cryptocurrencies, tweeting, "Cryptocurrency is promising, but please invest with caution!"
He also tweeted, “I’m looking for a shiba pup!” That refers to the logo of the dogecoin, a digital currency that started as a joke but has now skyrocketed almost 13,000% year to date.
As for Goldman, last month it posted stronger-than-expected first-quarter earnings, thanks in part to surging investment bank revenue.
Goldman said earnings totaled $18.60 a share in the first quarter, nearly six times the year-earlier figure and ahead of the Wall Street consensus forecast of $10.22 a share.
Revenue doubled to $17.7 billion, beating analysts' consensus forecast of $12.4 billion.
After the report, TheStreet.com Founder Jim Cramer discussed why he regrets selling the banking titan’s shares.