Goldman Sachs Contemplates Crypto-Custody Offer
Even with its latest and well-known stance towards cryptocurrencies overall, Goldman Sachs (GS), a top international investment bank is reportedly discussing a possible custody offering for cryptocurrencies. As per reports on the 6th of August, GS would manage the modern securities in place of the funds and heavily cut down on risks associated with clients attempting to defend themselves from any investment losses or hacks.
No Confirmed Date
Heavy contemplations and discussions are currently underway and no specific date has been confirmed by the company as to when their new services will be available as per the anonymous sources reporting the events. Complete anonymity has been requested given that no official information has been released to the public just yet.
Should GM go through with the official offer, it would provide a new outlook towards cryptocurrencies in general and financial support for digital currency funds. Additionally, this would contribute to more adoption of the tech and while maintaining custody, more doors towards other projects and initiatives will become available. A company representative has stated:
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
The firm has also pinned cryptocurrencies and their current hype as one of six elements that will contribute to heavy effects on markets globally for the rest of 2018. Additionally, GM did issue warnings about incoming drops within the digital currency market. Sharmin Mossavar-Rahman, the company’s CIO stated that GM was expecting additional drops due to the fact that cryptocurrencies did not possess the three fundamental aspects of a currency by definition.
Despite this, a few other top leading custodians on Wall Street, including JPMorgan Chase, Northern Trust, and NY Mellon Bank are currently researching and developing new services related to cryptocurrency custody. GM has made a few minor moves in avoiding crypto and hasn’t released any method of cryptocurrency trading so far this year.