Goldman Sachs Invests in Crypto Custodian BitGo
By Luke F – Cryptocurrency Speculator
Goldman Sachs, the investment bank, and independent offshoot Galaxy Digital Ventures are reportedly to invest into cryptocurrency custodian Bitgo as announced by Bloomberg. The investment comes as many individuals are looking for safer and more secure ways to store their digital assets.
With these two big companies contributing it will help to attract more institutions and wealthy investors to join which will be great for Bitcoin investing. With the fear of assets disappearing, most traditional companies didn’t want to hold digital currencies. This is where BitGo has seen an opportunity and wants to overcome this opinion.
Now that Goldman Sachs have invested, they could advance in their own services to buy and sell cryptocurrency. This would encourage clients to explore buying crypto. Goldman Sachs’ spokesman Michael DuVally believes that a custody offering is a logical precursor to digital asset market making. The company announced in August that they were considering options to offer custody for crypto funds. Fidelity Investments say they will offer security and storage services, trade execution and customer service for digital assets.
Mike Novogratz, the founder of Galaxy Digital Ventures is a digital currency enthusiast and feels that there is no doubt the crypto market will turn around and there is slow progress on the regulatory side. He has built a publicly traded merchant bank for the crypto community and is supporting the advancement of the technology.
BC Bitcoin are the UK’s most trusted bitcoin broker, see this as positive progression for customers to feel confident in how to buy bitcoin.