Goldman Sachs plans to open a service for storing cryptocurrency

Goldman Sachs plans to open a service for storing cryptocurrency – media


Investment bank Goldman Sachs is considering the possibility of creating a custodian solution with the help of which cryptocurrency funds will be able to store their assets, Bloomberg reports with reference to the sources familiar with the situation.

This means that a recognized player in traditional finance can take responsibility for storing client’s cryptocurrency assets, thereby reducing the risks associated with hacking and other incidents that occur from time to time in the industry.

Discussion of the issue of opening custodial service continues, and deadlines for the decision were not established, sources said, asked not to identify themselves because of the privacy of this information.

The official offer of an institution such as Goldman Sachs will allow cryptocurrency funds to gain reliable support and can open a class of digital assets for new investors, notes Bloomberg. The sources specified that the creation of a custodian solution within Goldman Sachs may allow the investment bank to start providing other services for working with cryptocurrencies, for example, the primary brokerage service.

“In response to customer requests for various digital products, we are studying the best ways to provide services in this area,” said Goldman Sachs spokeswoman. “To date, we have not decided on the scope of the proposal in the field of digital assets.”

Last week it became known that the depository Northern Trust, which had assets of $ 10.7 trillion, began secretly helping its clients add cryptocurrencies to their investment portfolios.

Earlier, the former hedge fund manager Mike Novogratz stated that participation of such companies as Goldman Sachs will help the cryptocurrency to become a full-fledged asset class and ultimately will have a positive impact on their price.

“We need a trusted custodian with a loud name – a Japanese bank, HSBC, ICE or Goldman Sachs – so that an institutional investor can feel comfortable,” he said.

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