Posted 6 months ago | by @devadmin

An inside source told Coindesk that Goldman Sachs is planning to enter the cryptocurrency market as a custody for investors to hold crypto.

Goldman Sachs has issued a request for information (RFI) to explore becoming a digital asset custody, according to a source inside the bank who spoke to Coindesk.

Goldman Sachs is reportedly planning an entry into the cryptocurrency ecosystem through the offering of cryptocurrency custody service. According to a report by Coindesk, citing sources familiar with the matter, Goldman Sachs has issued a request for information (RFI) to explore digital asset custody and the bank’s plans will be made “evident soon.”

The cryptocurrency market  is an emerging asset class that the big financial investors are looking at exploring more and more each day. While many institutions that Goldman Sachs and other investment banks have been reportedly buying up or planning to buy up Bitcoin and alt-coins.

The major move to provide crypto custody services is already backed by the United States Office of the Comptroller of the Currency (OCC) who recently rolled out a policy permitting U.S. federal banks to carry out crypto custody services. As Bitboy Crypto reported the U.S. Office of the Comptroller of the Currency (OCC) recently gave approval to crypto custodian Anchorage to receive a national trust charter making it the first digital asset bank in the country.

According to the Goldman Sachs source, the request for information was circulated to at least one renowned crypto custody service provider at the tail end of last year.

“Like JPMorgan, we have issued an RFI looking at digital custody. We are broadly exploring digital custody and deciding what the next step is,” said the Goldman source, who asked not to be named.

The insider told 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 rebuked rumors that Sachs is looking to offer prime brokerage services for crypto assets for its customers.

“Anchorage, BitGo and Coinbase have quite grand plans in crypto prime brokerage and we would not be looking to duplicate those.”

Rumors about the banking giant’s plans to offer custody for crypto funds first surfaced in August 2018 with constant reports that Goldman Sachs is planning to enter cryptocurrency which the firm denied. Now, the policies are in place for Goldman Sachs to enter the cryptocurrency market with the OCC allowing banks to custody crypto, so this may be a little more than just a rumor this time.

Bitcoin is currently trading at {FIAT: $35,742.62] UP +0.1% in the last 24 hours according to Coingecko at the time of this report.