Goldman Sachs Considers Entering Cryptocurrency Market

Goldman Sachs Group Inc. is looking into investing in digital assets, the latest move by a US bank to enter the cryptocurrency market.

January 17, 2021 | AtoZ Markets – Goldman Sachs, one of the world’s largest investment banks, is exploring the possibility of launching a custodian service for digital assets. This is reported by CoinDesk with reference to its own source.

Goldman Sachs Entering Cryptocurrency Market

According to the report, the financial conglomerate issued a Request for Information (RFI), which at the end of 2020 was sent to at least one well-known player in the cryptocurrency storage space.

“Like JPMorgan, we have released an RFI for digital storage. We are extensively studying the issue and deciding what to do next, ”- Goldman insider said.

He noted that the initiative is part of a “wider digital strategy” and referred to a recent decision by the Office of the Comptroller of the Currency (OCC) regarding stablecoins.

Regarding the timing of the launch of services related to cryptocurrencies, the interlocutor of the publication replied that the bank’s plans “will become apparent in the near future.”

Will multiple major banks enter the market?

According to the report, JPMorgan and Citi are all said to be looking at crypto custody. So far, the OCC has allowed national law banks and savings and loan associations to provide cryptocurrency custody services.

Related: OCC Grants Anchorage License to Become US First Crypto Bank

The OCC has also published an interpretation that allows the use of cryptocurrency-related public chains and stable coins for settlement.

The policy of lowering the regulatory hurdles for banks to enter the crypto sector is believed to have helped related business plans such as Goldman Sachs.

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