Despite everything, big business continues to integrate with the cryptocurrency market. While laymen are distressed by the market decline, top banks are taking initiative in their own hands.
Goldman Sachs group is known to have swallowed up crypto trade leaders – Bitfinex and Bittrex crypto exchanges. Everything seems to suggest that Goldman Sachs is intending to monopolize the market.
What are we talking about? The thing is, Coinbase exchange has become a partner of Barclays Bank, which has started providing its legal support. Against the background of talks about restricting cryptocurrency exchanges’ activity, Coinbase easily obtained an E-money license (according to Directive 2009/110/ЕС of September 16, 2009). This license allows for operating legally in almost all EU countries. Obtaining such license means that financial resources traded in the exchange are treated as electronic money. This seems to be the first step towards cryptocurency legalization. In addition, now Coinbase’s activity complies with all requirements of the the UK financial regulator. We think that a lot of people have read the news about the emergence of Coinbase tax calculator for different jurisdictions. Now you cannot find a more legal crypto exchange in Europe than Coinbase.
How is Goldman Sachs related to it? The thing is that Goldman Sachs and JPMorgan are shareholders of Barclays Bank. It means that the banking system begins to swallow up the cryptocurrency market.
This looks like Mark Ginzburg’s forecast implementation. The billionaire stated that soon big business would drive small players out of the market making it more elite.
What is our opinion? It is exclusively positive for the market. However, small investors and traders are not likely to be pleased. There is a chance that in the near future the cryptocurrency market will operate in the legal framework and will become more stable.