Goldman Sachs invests in cryptocurrency company
BitGo aims for $1trn in digital assets storage – and Goldman Sachs is putting its money in…
Earlier this week, we learned that Barclays Bank in the UK had shelved a cryptocurrency project it had devoted resources too, the problem bluntly being the state of the crypto market.
But whilst one banking group is retreating, another is investing. Goldman Sachs, it’s been revealed, is partnering with an investment firm by the name of Galaxy Digital Ventures. And between them, they’re investing some $16m into BitGo.
BitGo is a company whose aim is to provide security for digital assets, specifically featuring cryptocurrencies. The idea is that it keeps said assets safe and in line with any requisite regulations. It’s said that BitGo currently holds some $2bn in crypto assets around the world. With its new funding round, the aim is to take that number even higher.
As per the CEO of BitGo, Mike Belshe, “no one is better positioned than BitGo to serve institutional investors who want to trade cryptocurrencies and digital assets. That’s why we’re focused on figuring out what it takes to secure a trillion dollars. The market’s not there yet but our job is to be ready first”.
A trillion dollars in digital assets is a sizeable goal, but it might just be the extra heft provided by the fresh investment gets it there. As for Goldman Sachs, Rana Yared is the MD of its principal strategic investments group. Yared noted that the digital assets market “requires secure and regulated custody solution”.
“We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure”.