Goldman Sachs chief financial officer Martin Chavez slammed reports that the investment bank is shutting down its cryptocurrency trading desk as “fake news.”

“I never thought I would hear myself use this term, but I really have to describe that news as fake news,” Chavez said on stage at the 2018 TechCrunch Disrupt Conference in San Francisco, as reported by CNBC.

Chavez said Goldman is continuing to explore cryptocurrencies because of growing client demand for the emerging asset class.

“The next stage of the exploration is what we call non-deliverable forwards, these are over-the-counter derivatives,” Chavez said. “They’re settled in U.S. dollars and the reference price is the bitcoin-U.S. dollar price established by a set of exchanges.”

The price of bitcoin and other top virtual currencies dipped earlier this week amid reports that

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