Goldman Sachs plans to manage bitcoin for its clients in the future. The company will also reverse its stance on digital currency. As revealed, this is to give “crypto asset offerings” to provide a transformation to the crypto world. The development follows that of the Intercontinental Exchange Decision, to launch a regulated digital asset platform known as Bakkt.
The Company’s Crypto Asset Offering and Its Impact
Goldman Sachs Group Inc. is an American multinational investment bank and financial services company headquartered in New York City.
An insider made it known that the company was working on how best to serve the crypto world. In addition, the company hasn’t concluded its digital asset offering to offer.
As revealed to Bloomberg, Goldman Sachs plans to offer custody for crypto funds. This means the bank would hold newfangled securities on behalf of the funds, thus reducing the risk for their clients.
This process will create a credible backing for the crypto fund which leads to an influx of digital currency investors. Having the crypto asset offering custody will lead to more ventures, such as prime brokerage service.
The Goldman Sachs in motion plan to manage cryptocurrency for its clients is another boost to the crypto community in the space of a week as the Intercontinental Exchange announced its plan to create and launch a regulated digital asset platform by November.
In response to the development Brian Kelly, a fund manager tweeted that “After the bombshell that was [Bakkt] it’s only natural that the rest of the herd starts to move.” and as opined by Bloomberg that new move will “boost for the burgeoning universe of funds betting on cryptocurrencies.”
Despite plans for its digital currency, the company still warns the public about further decline of Bitcoin.
Regardless of what the company might think, optimists believe the plan will affect the price of Bitcoin positively.