The bank reportedly issued a request to explore cryptocurrency custody. This kind of service receives the support of the US by the Office of the Comptroller of the Currency.
The Goldman Sachs Group, one of the world’s largest investment and security banking groups, sets a plan to begin a new crypto-journey, this time through the custody service in the United States. Although managing the brokerage is not what the group intends.
The measure intends to provide custody services and would receive support from the Office of the Comptroller of the Currency (OCC), which since July 2020 permits federal banks in the United States the carriage of cryptocurrency custody services.
Goldman Sachs issued a request for information (RFI) to explore the fields of cryptocurrency custody. It also ensures that the bank’s plans will become “apparent soon”, according to an unspecified source.
The First Provider of Crypto-asset Custody Funds to its Clients
According to the expert of the commercial bank that in the year 2019 obtained revenues of USD 36.55 billion, Goldman Sachs will avoid the creation of the offering regarding cryptocurrency brokerage services that come in pair with a series of exchanges that operate in the United States, such as Coinbase and Geminis.
“Anchorage, Bitgo, and Coinbase have pretty big plans in cryptocurrency brokerage, and we would not look to duplicate them,” the Goldman Sachs source confirmed.
In August 2018, the Goldman Sachs bank started to consider the holding of funds in cryptocurrencies. This was a strategy that aims at commercial goals, although the skepticism about the crypto-market still ruled over its decisions.
Since that date, Goldman Sachs is circling the possibility of becoming the first provider of crypto-asset custody funds to its clients. This finance company, which remains skeptical about a successful future for a currency like bitcoin in the short-term, is looking for new paths and directions regarding the crypto-economy and bitcoin’s volatile behavior.
At this time, the representatives of Goldman Sachs remain silent on this matter, but users expect that the company will make its move very soon to clarify the veracity of this information.
Anchorage is a Qualified Custodian of Cryptocurrencies
In a conference call this week on cryptocurrency custody, San Francisco-based Anchorage acquired conditional approval from the OCC to operate as a national digital bank and “undisputably” receive its range as a “qualified custodian.”
About this, the president of this cryptocurrency platform, Diogo Mónica, stated that this regulatory approval will raise the interest of many institutional and risk-averse players from the crypto- environment.
Monica also clarified they are sustaining various conversations with Goldman with a high probability of setting an offering of something similar to the main brokerage services that cryptocurrencies involve. However, the Goldman expert confirmed that the bank is evaluating custody, but there is no interest in the main brokerage.
This project may take part in a global digitalization plan, which is also under the eye and developed by the European Central Bank through a recent consultation on the adoption of the digital euro, which culminated in a record level of 8,000 responses received.
By: Jenson Nuñez
