More Financial Houses Are Dipping Their Toes in the Water

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Barclays Bank and Goldman Sachs are both looking into Cryptocurrency investment funds for the future.

So…. Goldman Sachs

Although there has been no official comment from the latter company, there has been unofficial news from Goldman Sachs that the firm is now looking into a custodian service to support Cryptocurrency clients and their investments. The official response was that a decision has yet to be made on what will be offered by Goldman Sachs. This will come before long. However in the meantime, reports from the company a couple of months ago highlighted the huge number of requests for Cryptocurrency assistance and services from clients. This is something that this financial institution simply cannot ignore. Since then, doors have been closed and employees have been working hard to finalise their offering to their clients. During May, Goldman Sachs also took a firm stance and positive move in hiring a ‘Head of Digital Asset Markets’. At the same time, the giant also released a statement suggesting that it would be getting more involved with Cryptocurrencies and would in fact be linking their trading contracts to Bitcoin. At the time of the announcement, the company confirmed that this trading would be completed with the company’s own funds whilst it was obtaining the necessary approvals to be able to trade in Bitcoin.

And although none of this should be taken lightly, there are no further releases stating the future of Cryptocurrencies with Goldman Sachs and there is certainly no roadmap on the horizon either.

Goldman Sachs

And Barclays Banks

Further to the news above, there have also been Cryptocurrency rumblings with Barclays Bank. Social Media business channel LinkedIn highlighted that there are currently two members of the Barclays Team developing a project focused on Cryptocurrencies. However, once again the company is refusing to confirm that this is actually true. Although staff have already changed their job titles to those which include “Digital Assets” which is pretty obvious. There is definitely something going on that is for sure. There has been information released in the past highlighting that Barclays Bank was going to open a Cryptocurrency trading desk in the not too distant future. And this was not just from the one source. Nothing further has been heard since this time.

The one thing that is absolutely certain is that Barclays Bank did become the very first bank in Britain to have a Cryptocurrency exchange bank account recently. So there are definitely positive movements.

Why No Confirmations

Many are wondering why neither bank are making that bold statement to confirm that they are indeed entering into or are already involved in the Cryptocurrency markets. This is especially when you consider that other finance houses have already released details about their work in the new digital economy. So it is not apparent at the moment as to why both Goldman Sachs and Barclays Bank are being so secretive about what they are currency working on. No doubt all will become crystal clear in the near future when both are ready to enlighten us all. But until then we are all left guessing.

Kinsley Moore

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Kinsley Moore

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