Goldman Sachs preparing to launch 'Crypto Custody' service
According to several sources close to Goldman Sachs, the financial company is working on plans to launch a cryptocurrency custody solution. The sources, who didn't want to be identified, told Bloomberg that the company is working on a solution that will "offer [clients] custody for crypto funds," but is still "undecided" about other cryptocurrency plans.
Goldman Sachs first started considering a Bitcoin (BTC) futures solution in May due to an increase in customer demand. It is now considering additional digital asset products, saying, “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.”
The sources indicated that the "digital products" referred to by Goldman Sachs are, specifically, the custody solutions. The move could eventually lead to the company offering other products, including prime-brokerage services, according to Bloomberg.
Having a financial giant such as Goldman Sachs offering support for crypto could go a long way to boost consumer confidence and help launch a bull run that would see prices skyrocket. It could also pave the way for other financial companies to get involved in order to stay competitive, further extending the run. However, there is no word yet on when Goldman Sachs might introduce their custody product.
It's perhaps because of competition that Goldman Sachs is getting in deeper. Just a few days ago, Intercontinental Exchange (ICE), which owns the New York Stock Exchange (NYSE), said that it was preparing to launch a regulated "digital asset ecosystem" born from a partnership with Starbucks and Microsoft. That solution is expected to be available as of November.