› Goldman Sachs is going to create a depository for cryptocurrencies

Goldman Sachs is going to create a depository for cryptocurrencies

A representative of Goldman Sachs has recently confirmed that the bank is intended to create an “offer for cryptocurrency assets” for own clients. This news has been announced on August 6 by the financial giant’s press secretary.

“In response to the interest of our clients to different digital assets, we are studying the best way to serve them in this space”, - he said. “At this particular moment, we have not decided yet, what exact field would this offer be in”.

Although, according to Bloomberg, other sources which are related to this space have confirmed that Goldman Sachs plans to offer custodial services for cryptocurrencies.

“This means that the bank is going to save these new-fashioned securities on behalf of the funds lowering the risk for clients who are willing to protect themselves from losses threats coming from hackers and scammers actions”, - noted in the publication.

The Goldman Sachs’ position is completely different from the opinion of another financial giant - the Blackrock investment company. The President of the company Larry Fink stated in June that ‘no single client’ of his company is interested in the cryptocurrency market. Furthermore, Fink stated last year that “Bitcoin is a speculative instrument for money laundering” and the only reason why it is so popular is the anonymous feature.

Goldman Sachs
Source: UBR

Although, Goldman Sachs did not confirm the cryptocurrencies depository officially, despite the comments of the press-secretary and anonymous sources. If these rumours were confirmed, this would become the second largest event for the cryptocurrencies in a week. There was an information at the beginning of the month that NASDAQ exchange operator is going to create a global ecosystem Bakkt in November 2018 in order to implement cryptocurrency operations.

“After step from NASDAQ, it is natural that the other market participants also started to move”, - Fund manager Bryan Kelly noticed on Monday.

Goldman Sachs keeps a cautious position related to cryptocurrency assets during the last several months. The investment bank stated last week that a further decline in prices is expected in the short-term perspective. “We expect further markets decline”, - this was said in a report, authors of which also declared that cryptocurrencies “do not perform any of the three traditional currencies’ functions”.

“Actually we think that they attract much more attention of the traditional and social media than it is justified”.

Goldman Sachs became one of the first large American investment banks which shown an interest to cryptocurrencies. The company declared in May this year that the cryptocurrency trading is going to be launched. The first time the information about potential cryptocurrency trading to be launched appeared in October last year, two months before CBOE and CME exchanges opened bitcoin futures trading. There were rumours in December last year that the bank is working on the development of its own cryptocurrency trading platform. These rumours were denied in January during the cryptocurrency market crash.

A former top manager of the bank had stated in July that the bitcoin price is going to reach the level of $15000, while Lloyd Blankfein, the company President had noticed in July that the animadverters should not ignore the future of the first and the main cryptocurrency.

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