Goldman Sachs Plans To Offer Custody Services For Crypto Funds

Goldman Sachs Plans To Offer Custody Services For Crypto Funds

Goldman Sachs is one of those organization whom people look up to. There is a burgeoning universe where the amount of funds betting on various kinds of cryptocurrencies is huge. This is the reason why Goldman Sachs Group Inc. believes that they can offer a boost to this man-made universe a.k.a the crypto market.

The firm is actually considering a plan which is basically focusing on offering custody for crypto funds. This is the reason why the bank decided to hold newfangled securities on behalf of the funds. The main motive of this is to reduce the risk for the clients who are really afraid of rogue attacks.

Also, Read – Goldman Sachs Explores Possibility of More Cryptocurrency Offerings

The whole idea is just being discussed at this point of time and no one knows when these services would actually come into play. A good amount of thought process has been invested but no time limit or timeline has been put forward by the company. The information hasn’t been made public yet and hence, we do not know the progress.

“In response to client interest in various digital products we are exploring how best to serve them in this space,” a spokesman for Goldman Sachs said as quoted by Bloomberg.

We should note that if a formal offering from an institution as big as Goldman Sachs has been made, a credible backup for the cryptocurrencies seems quite certain. This backup of Crypto funds would also encourage the investors to bet on asset class which would be really good if we take into consideration the long-term benefits. Along with it, one has to admit that if the institution has a full-fledged custody operation, other ventures would also be really interested in the prime brokerage services and so on. This is what the people working in the company feels and predicts. Nothing is confirmed regarding the scope of digital assets but we can expect it to come soon.

Clients are showing a lot of interest in various digital products and the company’s only motive is to explore how to serve them in the best way. Baby steps towards creating a reliable desk for trading the cryptocurrencies are being taken by Goldman Sachs. Justin Schmidt was hired as the head of digital asset markets which will definitely turn out to be the turning point for the company regarding cryptocurrencies and bitcoins. It’s just a matter of time when we will see deliberations turning into reality. Till then, happy trading.

Image Source: “Flickr”

Leave a Reply

Your email address will not be published. Required fields are marked *