Looks like Goldman Sachs has found a back door into cryptocurrency trading, at least for now.

The bank was going to offer crypto trading directly until “regulatory uncertainty” prompted its postponement despite increasing customer demand.

Now, Goldman and billionaire Mike Novogratz’ Galaxy Digital Ventures have invested about $15 million into cryptocurrency custodian BitGo Holdings’ Series B fundraising, Bloomberg reported Thursday. BitGo offers digital wallets that require multiple signatures for transactions, as well as offline vaults for storing digital currencies.

“We believe that a custody offering is a logical precursor to digital asset market making,” Goldman spokesman Michael DuVally told the publication.

If Goldman is readying that trading desk after all, it already faces competition from Fidelity and other mainstream brokers slowly dipping their toes into digital waters.

 

ThirtyK Staff
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