The word is that Goldman Sachs is discussing a venture into crypto custodial services that would store digital assets on behalf of crypto funds in a move by the banking institution to reduce the risk for investors.
Crypto custodial services and other storage services are currently becoming the ‘in’ thing as investors and crypto users are always looking for safe and reliable options for storing their cryptocurrencies.
Goldman Sachs discussing crypto custodial services
Goldman Sachs is apparently working on a plan to offer crypto custodial services to hold bitcoin and other popular cryptocurrencies for investor funds. One of the main problems crypto owners have is finding reliable companies they trust to hold their BTC, and as Goldman Sachs is one of the oldest and most prolific names in the banking stratosphere, the signs are all very positive.
The move would represent the biggest name entering the crypto custodial services sector, which will hopefully bolster confidence for potential investors and major funds looking to hold crypto. The rumors regarding the move were leaked to the news network, Bloomberg, from insider sources, igniting positive market movements.
A Goldman Sachs spokesperson made comments to the news network by saying that, “In response to client interest in various digital products we are exploring how best to serve them in this space. At this point, we have not reached a conclusion on the scope of our digital asset offering.”
Rumors were doing the rounds in May regarding the Wall Street giants, with news it was setting up a bitcoin trading desk, which as of yet, has not come to fruition. The venture was reported by the New York Times in May, which would have seen Goldman Sachs become the first Wall Street company to open a crypto trading desk.
The growth of crypto storage firms
One of the major drawbacks for traditional investors who are looking to delve into crypto is the lack of confidence in the market. Users seeking reliable crypto custodial services have been thin on the ground, but it is a sector which is changing to facilitate the needs of crypto users.
Confidence would most certainly be boosted by Goldman Sachs offering the service due to its name and reputation. However, other companies have been looking to make their mark on the crypto custodial services sector in recent weeks with the launch of new cryptocurrency vaults happening right across the crypto-sphere.
A Hong Kong investment firm, the Fusang Investment Office, has recently announced their plans to launch their Fusang Vault in the final quarter of 2018. An Australian company called Decentralised Capital also made the news recently with the launch of the nation’s first-ever cryptocurrency vault, which was also met with positivity from potential crypto investors looking for viable storage solutions.
If the rumors are true regarding Goldman Sachs entering the crypto custodial services market, it would be a massive confidence builder for potential investors and funds that want to hold their crypto with a reliable and reputable Wall Street company.
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.