Goldman Sachs contemplates crypto fund custodial move
Goldman Sachs could lend its reputation and heft to cryptocurrency funds potentially offering a custodial service news reports say.
The bank is reportedly reviewing a plan to offer custody for crypto funds. Goldman could take on the role that protects clients by minimising risk to theft or loss through fraud.
However, a Goldman Sachs spokesperson in a request for comment poured cold water on what they called a “speculative” story. In a statement the bank 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.”
Goldman’s large size and deeper pockets are requirements for custodian banks to hold assets of up to billions for clients.The report says there is no timeline for a rollout.
If the bank does extend this service to the crypto sphere then it raises the stakes as to the extent traditional players are willing to deal with hotly contested crytocurrencies such as bitcoin.