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Goldman Sachs To Launch Cryptocurrency Custody Service

Published: 07/08/2018
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Up-to-date Blockchain and cryptocurrency news. Be the first to know!

What is it for?

The team of a global financial and investment banking conglomerate Goldman Sachs considers the possibility of introducing the custody service for cryptocurrency funds, according to Bloomberg's data obtained from anonymous sources.

 

The new functions of custodian will protect the cryptocurrency holders from the risks associated with cyber attacks and hacking. The sources did not disclose the detailed information about the developments. Also, the exact date of the service launch remains unknown, but the specialists of the financial giant are discussing the possibility of such innovations.

 

Recently, Goldman Sachs has launched the trade of bitcoins futures using its own funds. Also the representatives of the bank announced the creation of their own kind of futures called a non-deliverable forward. According to David Solomon, who will soon become CEO at Goldman Sachs, the institution will develop opportunities for trading in cryptocurrency futures.

 

However, analysts of the bank claim that the price of bitcoin will continue to fall. They explain this by the fact that the first cryptocurrency does not correspond to the characteristics of money: it is not used for storage, exchange or measurement. In this regard, experts said that digital currencies in the current form will lose their value. Such a view is shared by representatives of many traditional financial organizations and banks that oppose the excessive popularization of cryptocurrencies or offer an alternative — digital assets backed by fiat currencies.

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