Goldman Sachs Reveals Plan to Offer Crypto-Backed Futures
Multinational investment bank, Goldman Sachs makes headlines, as an announcement made back in May has recently resurfaced, and it appears that the giant will be working towards offering Bitcoin futures. This is a Wall Street meets crypto moment, and since the news, many crypto investors have expressed immense excitement.
A representative for the investment bank shared some details, and it appears that Goldman Sachs’ consideration for cryptocurrencies stems
“in response to client interest in various digital products […] exploring how best to serve them in this space.”
While it has not been finalized as to what extent the firm will dive into the crypto sphere, it is clear that interest to serve a whole new target audience exists.
An individual close to the firm and the matter at hand has explicitly shared that Goldman Sachs’ role would primarily be to support investors who are uncomfortable with risk. In particular, it was disclosed via a report that:
“the bank would hold the newfangled securities on behalf of the funds, reducing risk for clients seeking to guard against the threat of losing their investments to rogue attacks.”
This isn’t the first news of its kind, as a prior announcement involving Intercontinental Exchange grabbed the attention of Brian Kelly, a figure known to project the likelihood of cryptocurrencies and educate novice investors. He took to his Twitter account to point out the news and believes that the first-mover effort is surely to get more investment firms involved.
Kelly wrote the following:
After the bombshell that was @bakkt it’s only natural that the rest of the herd starts to move… https://t.co/Z7q018DGUJ
— Brian Kelly (@BKBrianKelly) August 6, 2018
The reference made to Bakkt here represents Intercontinental Exchange’s plans to launch a regulated digital asset platform, which Bitcoinist reported as being dubbed, “Bakkt”. This respective project has been scheduled for launch sometime November 2018.
As per Goldman Sachs report, a continuous drop in future prices is certain, but only in the present stance. The report also noted that “cryptocurrencies do not fulfill any of the three traditional roles of a currency.”
Late last week Goldman Sachs said that Bitcoin was dead and now they are considering a Custody Service. Have they changed their minds? Is Goldman Sachs digital asset future enough to have consumers and investors reconsidering the likes of cryptocurrencies?
SNEAKY! 3 days ago Goldman Sachs said Bitcoin would never recover and basically said Crypto is dead. Today they are saying that they are considering setting up a custody solution for Crypto Funds. Don't let these snakes manipulate you out of your bags. HODL from CryptoCurrency