Multinational investment bank Goldman Sachs is reportedly looking into offering crypto custody services, according to CoinDesk, which was told by a source that it had issued a request for information (RFI) in Jan. 2021.

• Goldman’s early forays into crypto custody follows JPMorgan Chase, which submitted an RFI in Oct. 2020; Citibank is also reported to be considering custody services
• No timeframe was offered, with the source saying that the bank’s plans would be “evident soon”
• The development is a vindication for the cryptocurrency market, which until now has been shunned by major banks and institutions
• Major banks appear to paying more attention to crypto assets after the OCC cleared the use of stablecoins for payments
• The consideration of crypto custody is a major change of view for Goldman Sachs, which once derided Bitcoin as an illegitimate asset; Matthew McDermott, Goldman’s global head of digital assets, also disclosed that the bank is exploring stablecoins
• Like Goldman, JPMorgan and CEO Jamie Dimon dismissed Bitcoin, but the bank’s analysts have now target a Bitcoin price of $146,000, while also acknowledging its potential as digital gold