Goldman Sachs says it’s investing millions in a venture designed to bring Wall Street investors with deep pockets into the cryptocurrency market.
Goldman and crypto venture firm Galaxy Digital are investing a combined $15 million into BitGo, a fully regulated cryptocurrency custodian that securely purchases and stores digital assets on behalf of institutional investors.
“If you were investing in any other asset class, you’re probably not worried about the asset just disappearing — but this one, people still have that fear,” BitGo’s CEO Mike Belshe told Bloomberg. To push cryptocurrencies into the mainstream, “we’ve got to conquer that.”
The move follow’s Fidelity’s breakthrough entrance into the world of cryptocurrency. The world’s fourth largest asset manager announced its big entry into crypto on Monday, with the launch of a crypto trading desk and custody platform.
Goldman says it’s been working on a crypto trading desk of its own for months, despite rumors to the contrary. However, the company has not yet released a launch date.
BitGo offers custody for more than 75 coins and says it holds more than $2 billion in assets. The company has raised around $70 million in venture capital from two rounds of funding.