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Did Goldman Sachs Just Make Its Move to Cryptocurrency?

By

Melanie

Kramer

WriterETHNews.com

Goldman Sachs is considering offering cryptocurrency custody services.

Cryptocurrency custody services are a relatively new innovation for the space. Custody services are third-party solutions for the secure storage of virtual assets. They are targeted toward high-net worth and institutional investors with significant digital assets.

Custody services help to reassure investors and offer a means of complying with the Dodd Frank Act, which requires investors with customer assets worth over $150,000 to store the assets with a "qualified custodian."

According to reporting by Bloomberg, which cites unnamed people in the know, Goldman Sachs is now considering offering cryptocurrency custody services.

"In response to client interest in various digital products we are exploring how best to serve them in this space," one unnamed person revealed to Bloomberg. "At this point we have not reached a conclusion on the scope of our digital asset offering."

Despite some concerns by high-ups at Goldman Sachs about the digital currency industry, the company appears eager to meet market demands. The standing CEO, Lloyd Blankfein, and incoming CEO David Solomon have both stated cautious interest. This move may be a way to meet the demands of institutional investors who want the reassurance of conventional infrastructure before investing in digital assets.

This isn't Goldman Sachs' first foray into the crypto space. In April, it hired Justin Schmidt as head of digital asset markets in an effort to expose investors to virtual currencies. Sachs was also one of the first Wall Street firms to clear bitcoin-based futures products, and at one point considered setting up a bitcoin trading operation.

BNY Mellon, JP Morgan Chase, and Northern Trust – all traditional Wall Street asset custodians – are also considering extending custody services to cryptocurrency investors. 

Melanie Kramer

Melanie Kramer is a freelance FinTech, blockchain, and cryptocurrency writer based between France and Canada. Melanie has studied, and retains an avid interest in, global politics, business, and economics.

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