Goldman Sachs to offer cryptocurrency custody services? That’s what some of online reports have been claiming, citing the unnamed person familiar with the matter.
7 August, AtoZ Markets – If you follow cryptocurrency sector’s news for some time, you must have heard about a relatively new topic – cryptocurrency custody services.
Goldman Sachs to Offer Cryptocurrency Custody Services
Such services are provided by third parties for the secure storage of virtual assets and they aim to serve high-net-worth and institutional investors. This implies that the custody service providers focused on safeguarding big amounts of digital assets.
Users of such services are guaranteed the safety of their assets as well as they are offered a means of complying with the Dodd-Frank Act, which requires investors with customer assets that are worth over $150,000 to store them with a “qualified custodian.”
As per some of the online reports, Goldman Sachs is now planning to offer cryptocurrency custody services. One of such reports stated that an unnamed person has shared the following:
“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.”
Goldman Sachs Crypto Derivatives
In spite of some concerns from the top management at Goldman Sachs regarding the cryptocurrency industry, the company appears to be ready to meet market demands. The current CEO of Goldman Sachs, Lloyd Blankfein, along with the incoming CEO David Solomon have both expressed cautious interest.
This step might be a way to meet the requirements of institutional investors that need the guarantee of conventional infrastructure prior to investing in digital assets.
Earlier this June, Goldman Sachs has been reportedly looking into the cryptocurrency trading derivatives. The Chief Operating Officer of Goldman Sachs, David Solomon, has confirmed the news at that time.
David Solomon has stated that the company is already providing the assistance to the clients in some of the publicly-traded derivatives such as Bitcoin futures. In addition, the company is “very cautiously” considering some of the other activities in this sector.
As per the banking official, the key purpose of the company is to “evolve its business and adapt to the environment” in relation to cryptocurrencies
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