It was Bloomberg News who reported that Goldman Sachs is exploring a crypto custody offering. It seems the Wall Street giant is looking into offering custody services for investors in the market for digital currencies.
Supposedly, Goldman is looking to create securities to hold on behalf of clients as a form on insurance against them losing money in the case of a cyber-attack on their holdings.
It’s not confirmed when the product would go live.
In the meantime, Fidelity is hiring staff to build a “first-in-class” custody solution. Bank of New York and JPMorgan are also looking into crypto custody, according to Bloomberg.
As for Goldman, it said in May that would start trading products linked to bitcoin.
“In response to client interest in various digital products we are exploring how best to serve them in this space,” Goldman Sachs’ spokesman said.
If true, the announcement marks the second significant milestone for the cryptocurrency industry in only a week, coming days after Intercontinental Exchange announced it would create and launch a regulated digital asset platform, Bakkt, by the end of 2018.Trade now