Connect with us

Blogs

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

Published

on

Goldman Sachs
READ LATER - DOWNLOAD THIS POST AS PDF

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.

For the latest cryptocurrency news, join our Telegram!

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.

Image courtesy of Pexels

Blogs

How Can Foreigners Get Loans in Singapore

Published

on

loans for foreigners in Singapore
READ LATER - DOWNLOAD THIS POST AS PDF

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…

Continue Reading

Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

Published

on

Aluna.Social
READ LATER - DOWNLOAD THIS POST AS PDF

When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

Continue Reading

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

Published

on

CoinFlip
READ LATER - DOWNLOAD THIS POST AS PDF

As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

Continue Reading

Press Release