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Crypto Selloff Is Healthy for the Ecosystem

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The status of Goldman Sachs (GS) and its cryptocurrency operations continues to be a big question mark.

While speaking at a panel presentation at CoinDesk’s Consensus: Invest conference, Goldman Sach’s digital asset head Justin Schmidt revealed that the banking giant is not yet close to offering clients custodial services for digital assets.

“One of the things they ask me is ‘Can you hold our coins?’ and I say ‘No, we cannot,’” Schmidt said. “One of the things we have to take into consideration when we’re building out our business is what we can and cannot do from a regulatory perspective.”

Despite clear interest from clients, Schmidt notes that the current regulatory climate surrounding digital assets has limited Goldman Sachs in terms of things that they can offer. However, Schmidt emphasizes that the current ongoing bear market, which is in part due to the regulatory climate, is actually healthy for the ecosystem.

In many ways, the rampant speculation that has been quelled over the past several months is really healthy for the ecosystem and I very much look forward to companies that are actually providing institutional-grade products and services.

We recently reported that Goldman Sachs is currently introducing a small number of institutional investors to its bitcoin non-deliverable forward contracts but is in no rush to roll out new tradable products.

In addition to potential futures products, Goldman Sachs has been very active with its venture investments. The bank recently led the $57.5 million Series B financing round of BitGo, which develops secure wallets for crypto custody.

READ  The Crypto-Backed MCO Visa Card Is Coming to the United States
More: Goldman Still Can’t Hold Clients’ Crypto Assets
Related: Goldman Sachs Hires Crypto Trader Justin Schmidt to Lead Digital Assets

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.





coindesk.com

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