Goldman Sachs Is Setting Up a Custody Offering for Crypto Funds

Goldman Sachs Is Setting Up a Custody Offering for Crypto Funds

Goldman Sachs could offer a boost for the burgeoning number of funds betting on cryptocurrencies.

The financial firm is considering a plan to offer custody for crypto funds, according to people with information of the matter. That means the bank would hold the new "securities" on behalf of the funds, reducing risk for clients seeking to guard against the threat of losing their investments due to external attacks.

A formal offering from an global institution like Goldman Sachs would provide a credible backing for crypto funds and could pave the way for more investors to bet on the asset class. Having a custody operation in place could also lead to other ventures, including prime brokerage services.

Once the plumbing has been worked out, it is only a matter of timw before funds will start putting their investment in.

Risk on!