Goldman Sachs Set To Acquire Crypto Custody

  • Goldman Sachs has issued a request for information (RFI) in the interest of cryptocurrency custody 
  • This initiative comes under the institutions’ larger strategy to incorporate digital assets 
  • Anchorage, a San Francisco-based crypto trading platform, has been granted conditional approval from the OCC to function as a national digital bank

Goldman Sachs is set to enter the digital currency industry by acquiring permission for custody of cryptocurrencies.

As Demand For Crypto Increases, Goldman Sachs Wants In

Goldman Sachs, a multinational banking and financial services stalwart based in the U.S., has given a solicitation for data to access digital assets’ custody, as indicated by a source inside the bank. The timeline following this request for information (RFI) will be apparent shortly. According to reports, this request is been circulated to a prominent crypto custody contender in the last month of 2020.

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The source has conveyed that following the footsteps of JPMorgan Chase & Co., another investment banking company, Goldman Sachs has issued the RFI with regards to custody over digital assets. This step comes in the wake of the company’s exploration of digital currency and the authority of holding and guardianship. The decision about future steps in the same direction is getting discussed.   

In October 2020, an RFI regarding crypto custody will be issued by JPMorgan and reports published by The Block. On approval of the same, the firm was seeking to rally sub-custodians to offer their administrative services. They had also contacted firms, including Fidelity Digital Assets and Paxos, for the same. This exploration of crypto custody succeeded the company’s rebranding of Onyx, its’ blockchain division.

Crypto-Custody RFI Part Of Broader Digital Strategy

The Goldman insider shared that the bank’s RFI regarding digital assets’ custody was an important aspect of an expansive plan surrounding digital systems. The recent guidance published by the U.S. Office of the Comptroller of the Currency (OCC) regarding stablecoins has also fuelled the company’s RFI mentioned above. 

A structural move has also taken place in the realm of crypto custody during this week, as Anchorage, a San Francisco-based digital asset trading platform, accomplished attaining conditional approval to become a national digital bank from the OCC. to beThis has allowed the platform to indisputably become the authorised custodian in the process. 

Along with Goldman, Citibank is also looking to explore authority over digital currencies.

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Andrew Smith
Andrew is a blockchain developer from his education and developed his interest in the cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer.

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