Have you heard? Goldman Sachs invests millions into BitGo. Goldman Sachs is doing this in its attempts to bring Wall Street investors with deep pockets into the cryptocurrency market. We’ve talked about how institutions are planning on entering the cryptocurrency space before, such as Bakkt. What do you think about Bakkt and Goldman Sachs? Are you bullish yet? Do you think it’s bullish when institutional interest is spiking during bearish markets?
Galaxy Digital and Goldman Sachs are both investing a combined $15 million into BitGo, a fully regulated cryptocurrency custodian, something that is needed by financial institutions to protect their clients’ funds. This is something that Fidelity is working on for early 2019.
BitGo’s CEO, Mike Belshe, told Bloomberg: “if you were investing in any other asset class, you’re probably not worried about the asset just disappearing – but this one, people still have that fear. We’ve got to conquer that”.
BitGo offers custody for more than 75 coins and says it holds more than $2 billion in assets. It had previously raised around $70 million in VC from 2 previous rounds of funding.
What do you think? Is this more bullish news? Are you preparing yourself for the next move up? Let us know on our Facebook page!
