A day after another, cryptocurrencies are penetrating the core of the same institutions that have previously bashed them in different ways. Traditional financial institutions are slowly turning to crypto as the incumbent market that it is, and are eager to get into it to catch a part of the pie that will grow enormously in the future. This is the case of Goldman Sachs, one of the most important banks in the world, that is reportedly considering offering crypto services to their institutional customers, as reported by Bloomberg.
The importance of an announcement like this cannot be overstated: one of the biggest investment and multi-services banks in the whole world is going to offer custody services for crypto assets. But what are custody services for an electronic asset? Easy, as gold is guarded in vaults to protect it from possible robbers, also assets like bitcoin can be hacked from electronic wallets. So they will offer these kinds of services that allows institutions to guard their digital assets more securely against probable attackers and hackers.
The offer of this service is not new in the market; as a matter of fact, Coinbase has introduced this service earlier this year with a great deal of success. But the difference is that Coinbase is a cryptocurrency exchange, that as big as it can be cannot be compared to Goldman Sachs, a worldwide spread bank.
Goldman Sachs has been one of the most cryptocurrency friendly banks, if we compare it to its peers in the financial world. Its CEO has even said that cryptocurrencies are here to stay, and they have invested in crypto related startups like Circle, a payment processor that has also gotten into the cryptocurrency exchange market.
About all this, a spokesperson has come out but he did not confirm nor deny anything about the subject. he declared:
“AT THIS POINT WE HAVE NOT REACHED A CONCLUSION ON THE SCOPE OF OUR DIGITAL ASSET OFFERING.”