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Goldman Sachs to Offer Custody Services for Bitcoin Clients

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Ever since the announcement that it would clear CME and CBOE Bitcoin futures, Goldman Sachs has been cautious on Bitcoin, perhaps due in part to its decline in price across the first half of this year. However, insider sources have reported that the multinational investment banking giant will offer crypto custody services in the near future – although no timeline has yet been agreed upon. If the news is officially confirmed, it could pave the way for a whole new wave of investors, encouraged by the backing of such a massive name in the financial industry.

Despite taking early steps to establish themselves in the world of Bitcoin with the hiring of Justin Schmidt as head of its digital-asset markets, GS haven’t set up a full trading desk, and are advising investors to proceed with caution where Bitcoin is concerned, with further falls in price predicted. Nevertheless, this would be a massive step, if confirmed. A spokesman said: “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.”

Considering Goldman Sachs CEO Lloyd Blankfein’s outspokenness against Bitcoin as recently as November last year, the company have consistently been one of the fastest movers in the crypto world, and they may yet play a very important role in the further legitimisation of cryptocurrencies in the mainstream financial world.

“Bakkt to the Future”?

The latest GS news comes in the wake of the Intercontinental Exchange (ICE) announcing its “Bakkt” platform, which will start its own Bitcoin futures contracts in November this year. According to the Bakkt CEO Kelly Loeffler: “Bakkt is designed to serve as a scalable on-ramp for institutional, merchant and consumer participation in digital assets by promoting greater efficiency, security and utility. We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce.”

Is the tide turning for crypto? Let us know your thoughts.

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