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Goldman Sachs Group Inc (NYSE:GS) Planning a Custody Service for Crypto Funds

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According to anonymous reports, Goldman Sachs Group Inc (NYSE:GS) might soon come up with a new custody service for crypto funds, moving beyond BTC futures.

Crypto funds custody service rumors not denied

Goldman Sachs is one of the biggest and best-known banks around the world. It was skeptical of cryptocurrencies until recently, but the new management has said to have brought a new attitude towards digital currencies as well. Now, sources familiar with bank’s plans claim that Goldman might soon come up with a new custody service for crypto funds. Unfortunately, the bank’s spokesperson did not confirm this, but the rumors were not denied either.

Establishing custody service like this would represent a very big achievement for the crypto world. Securities would be held by the bank and on behalf of the funds. That would increase the clients’ trust, and lower the risks of them trying to find protection from losing their funds in rogue attacks.

As for Goldman’s spokesman, he was only willing to say that the bank continues to explore the crypto space. They are doing so due to a large amount of interest in cryptos that is coming from their customers, and the bank’s goal is to meet the clients’ requirements. Additionally, the spokesman also said that no conclusion or big decision regarding the digital asset offering has been reached as of yet.

This effectively limits the bank’s offering to only Bitcoin (BTC) futures, at least for the time being.

Goldman Sachs under new management

Several weeks ago, reports confirmed that Goldman Sachs is about to get a new CEO, David Solomon. Solomon is to replace Lloyd Blankfein, who served as a CEO up to now. The shift in management is expected to have large consequences, especially when Solomon’s crypto-friendly attitude is taken into consideration. Lloyd Blankfein was not nearly as open and welcoming to cryptos. At one point during 2017, he even stated that cryptos do not feel like a store of value, due to their often fluctuations. On that occasion, Blankfein stated Goldman is not ready to provide a Bitcoin strategy, and that it is way too early for that.

However, the bank seems to have completely changed its views on the topic, now that Solomon is in charge. Back in June, while he was still the bank’s COO, Solomon stated that Goldman is looking into new offers regarding cryptocurrencies. Due to the increase in demand, the bank decided that they should at least look into the matter and try to decide where to go next from there.

The bank recognized that it needed to evolve and improve its business, as well as to adapt to the new environment. And, while the bank has only been taking baby steps towards working with cryptos, the new development is still there. However, this still doesn’t mean that a trading desk will be established anytime soon.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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