Goldman Sachs Could be Looking to Offer a Cryptocurrency Custody Service for Crypto Funds
Goldman Sachs is reportedly considering plans to offer a custody service for cryptocurrency funds. The bank will offer the service to reduce the risk for clients from hacks and theft. Unlike an exchange, clients would not be able to use the service to sell Bitcoin but for storage of the digital asset much like a bank.
Goldman Sachs are still developing this service and have not provided a timeline for when it will become available. We can expect one of the largest banks in the world to progress quickly into the space considering the volume that’s traded in cryptocurrencies. There is a need for more institutes to offer services to sell crypto.
When an institution such as Goldman Sachs considers offering crypto services, it brings credibility to the backing of crypto funds. Having a strong pioneer could induce more investors to expose themselves to cryptocurrencies.
Back in May, Nomura Holdings Inc. founded a custody consortium called Komainu. The venture was established to overcome the barriers relating to institutional investment in digital assets with new services, standards and best practices. It is reported that three wall street custodians, Bank of New York Mellon Corp., JPMorgan Chase & Co. and Northern Trust Corp. are either developing a crypto-custody service or looking into it.
Goldmans Sachs has been cautiously looking to enter the cryptocurrency market and still has a way to go before it does. They have yet to set up their cryptocurrency trading desk; preventing clients selling crypto through them.
For your UK crypto selling services and the latest news, be sure to visit BC Bitcoin.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards