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Goldman Sachs has reiterated it plans to roll out âcrypto asset offeringsâ to clients in future in what Bloomberg describes would be a âboost for the burgeoning universe of funds betting on cryptocurrencies.â
âIn Response To Client Interestâ
In comments to the publication August 6, a spokesman for the financial giant built on previous announcements from May this year about its plans to offer Bitcoin futures.
âIn response to client interest in various digital products we are exploring how best to serve them in this space,â the spokesman said.
At this point we have not reached a conclusion on the scope of our digital asset offering.
Other sources âwith knowledge of the matterâ confirmed to Bloomberg that Goldman plans to offer custody for crypto funds.
âThat means the bank would hold the newfangled securities on behalf of the funds, reducing risk for clients seeking to guard against the threat of losing their investments to rogue attacks,â the publication clarified.
Goldmanâs position jars with that of fellow giant Blackrock, CEO of which Larry Fink claimed in July that âno clientâ had sought exposure to cryptocurrency.
âThe Herd Starts To Moveâ
If true, the announcement marks the second milestone for the cryptocurrency industry in a week, coming days after Intercontinental Exchange announced it would create and launch a regulated digital asset platform, Bakkt, by November.
Already newly bullish on Bitcoin following the news, commentators have already greeted Goldmanâs renewed commitment to crypto with zeal.
âAfter the bombshell that was [Bakkt] itâs only natural that the rest of the herd starts to move,â fund manager Brian Kelly tweeted Monday.
After the bombshell that was @bakkt itâs only natural that the rest of the herd starts to move⊠https://t.co/Z7q018DGUJ
â Brian Kelly (@BKBrianKelly) August 6, 2018
Goldman has continued to remain cautious on crypto assets themselves in recent months, this week claiming it foresees further price drops across markets in the short term.
âWe expect further declines in the future,â authors wrote in a midyear report, adding that cryptocurrencies âdo not fulfill any of the three traditional roles of a currency.â
âIn fact, we believe they garner far more traditional and social media attention than is warranted,â the report added.
What do you think about Goldman Sachsâ plans? Let us know in the comments below!
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