Bitcoin, Criptovaluta, Goldman Sachs-While most of the world depends on the price news surrounding the precipitous fall in value of Bitcoin and most of the cryptocurrency, Wall Street megalith Goldman Sachs is updating customers on where they are in relation to protecting digital assets.
Despite the drop in prices recorded over the last two weeks, an increasing number of customers for the big bank are posting inquiries on whether they can find a safe haven for their crypts assets. Second BloombergGoldman made no progress on direct custody features for Bitcoin and Altcoin owners, with head of the digital goods market bank Justin Schmidt commenting on the lack of availability at a conference in New York.
Schmidt, who offers a frank response to the fact that the bank is ready to store customers' digital assets, also emphasizes the current obstacle to understanding government regulations in relation to cryptocurrency, a narrative that has been repeated as a consistent barrier to wider institutional access,
"One of the things they ask me is: can you keep our coins?" And I say "no, we can not", one of the things we have to take into consideration when we are building our business is what we can and can not do from a regulatory point of view ".
While Goldman may not directly offer a customer coin storage service, it has made efforts to enter the space, despite the obscure legal landscape of cryptocurrency, by investing in the BitGo Holdings Inc. custody service provider in October. In addition, Goldman was one of the first to cancel the Bitcoin futures offered by Cboe Global Markets Inc. and CME Group Inc., showing a certain inclination on the part of the company to wade in the space of cryptocurrency, even with prices in their current spiral .
While Goldman still has to openly negotiate with digital resources, rumors have been reported that the company was considering opening a trading desk, a point that has been unleashed. contention last September.
Schmidt went on to comment that customers seem to have raised a certain demand from the bank to offer direct custody services, particularly with the level of complexity required by the average trader to keep their private keys and establish their own coins in a space more safe compared to the trade they currently offer. Part of the client's conversation focused on the free-fall price of cryptocurrency and on the prospect that now appears to be shrouded by the fact that the resource reaches the lowest point in the year.
With some institutional actors like VanEck still in the running for the creation of a Bitcoin exchange-traded fund, a renewal in the crypto markets could put more demand on Goldman to offer extended services to customers. Schmidt cited Bakkt and Fidelity's announcement last month of entering the cryptocurrency space as positive developments for the sector's investments. He also acknowledged that institutional investors fall on the conservative side, which explains the increase in murmur due to the lack of custodial services,
"Custody is this essential piece that is absolutely necessary: custody is part of a global integrated system in which different parts have to work well together and safely between them and we need to be able to trust all the different parts of that chain , from the purchase of something to the transfer of it until its long-term storage. "
Schmidt concluded with a statement of encouragement for cryptic investors struggling with the recent market crash, arguing that the rapid change in valuation would shake some of the least desirable and rampant speculation in the industry,
"In many ways, the rampant speculation that has been stifled in recent months is truly healthy for the ecosystem, and I do not see the fact that companies are providing products and services at the institutional level".