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Financial Institutions Warm to Crypto

Welcome to week two of The Information's new cryptocurrency newsletter. 

This week was big for institutional investment in crypto, with Goldman Sachs reportedly considering a custody product—and potentially clearing the way for more large funds to get into the sector. As a reminder, custody products make it possible for big funds to invest in crypto since there are limits on how much of any currency they themselves can hold, as well as security issues associated with holding those currencies.

The race for control of the custody market is going to be one to watch: Crypto-focused startups like Coinbase and BitGo are scrambling to earn market share, as Wall Street heavyweights decide whether to join the fray. In addition to Goldman, Fidelity, Northern Trust and J.P. Morgan are all said to be mulling a crypto custody product.