MALTA BLOCKCHAIN WIRE
Goldman Sachs could offer custody for crypto funds
Aug 21, 2018
Custody offering could reduce risks for clients
Goldman Sachs Group Inc. is, according to reports, considering a plan that would offer custody for crypto funds. The move would offer a boost for the burgeoning universe of funds betting on cryptocurrencies.
If the plan goes ahead, the bank would hold the securities on behalf of the funds, reducing risk for clients looking to protect themselves against the threat of losing their investments to rogue attacks. It also provides an aura of credibility that could lead to future betting on the asset class from investors and possible prime-brokerage services.
The deliberations are, according to unnamed sources, in progress and as yet no timeline has been identified for when the firm will roll out the services. Goldman Sachs has not currently made any information on the matter public.
“In response to client interest in various digital products we are exploring how best to serve them in this space,” a spokesman for Goldman Sachs said. “At this point we have not reached a conclusion on the scope of our digital asset offering.”
Goldman Sachs has so far been taking baby steps around cryptocurrencies and hasn’t yet set up a full-fledged desk to trade the currencies since hiring Justin Schmidt earlier this year as head of its digital-asset markets. It was among the first Wall Street firms to clear Bitcoin futures offered by Cboe Global Markets Inc. and CME Group Inc.
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