Financial goliath Goldman Sachs is considering dipping its toes into the crypto industry by offering crypto custodial services, according to a report.
Citing a source inside Goldman, CoinDesk says the New York-based investment firm has recently issued a request for information (RFI) to at least one leading institution in the cryptocurrency custody space.
“Like JP Morgan, we have issued an RFI looking at digital custody. We are broadly exploring digital custody and deciding what the next step is.”
The insider tells CoinDesk that the initiative by Goldman Sachs is “part of a broad digital strategy” following the recent regulatory guidance by the U.S Office of the Comptroller of the Currency, which allows banks to use stablecoins for payments.
The source also dispels rumors that Goldman is looking to offer prime brokerage services for crypto assets.
“Anchorage, BitGo and Coinbase have quite grand plans in crypto prime brokerage and we would not be looking to duplicate those.”
Chatter about the banking giant’s plans to offer custody for crypto funds first surfaced in August 2018. In the same year, Goldman Sachs joined Galaxy Digital in funding BitGo, a fully regulated cryptocurrency custodian that securely buys and stores digital tokens on behalf of institutional investors.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Barbara Froehlich