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.
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