The new global head of digital assets for Goldman Sachs’ private wealth management division, Mary Catherine Rich, has announced that the bank will soon offer investments in Bitcoin (BTC) and other cryptocurrencies to clients of its group of private wealth management.
In an exclusive interview for CNBC, Mary Rich said Goldman Sachs is working hard to provide exposure to this new type of emerging asset for the second quarter of the year.
“We are working closely with teams across the business to explore ways to provide thoughtful and appropriate access to the ecosystem for private equity clients, and that is something we are committed to. looking forward to delivering at short notice.”
Additionally, she added that the company is exploring the possibility of offering a comprehensive cryptocurrency investment toolkit across different types of investments.
Goldman Sachs wants to follow in the footsteps of Morgan Stanley.
Morgan Stanley, an American multinational financial corporation that operates as an investment bank and broker, recently announced that its financial advisors will be able to offer bitcoin funds to their clients this month. Goldman Sachs wants to replicate that.
Thanks to new regulations applied around the world, more and more banks and investment funds want to include digital assets in their wealth management strategies and services.
Additionally, the continued demand for digital assets has grown exponentially thanks to institutions and individuals such as Michael Saylor finding a way to hoard cryptocurrencies by applying for loans from various crypto-friendly banks. currencies.
The demand for cryptocurrencies is attracting the attention of major banks.
According to Rich, the demand for cryptocurrencies by the bank’s customers was the main reason why they looked for ways to offer new financial products focused on the crypto market.
“There is a contingent of clients who view this asset as an inflation hedge, and the macroeconomic backdrop over the past year has certainly played in that direction. […] There are also a large number of customers who feel like we are on the cusp of a new Internet in some respect and are looking for ways to participate in this space.
The truth is that right now, Goldman Sachs is working hard to get approval from regulatory entities to expand its business with different crypto products. It has just become the first US bank to perform an OTC crypto exchange. Now suppose that the SEC and the New York Department of Financial Services believe that the bank meets all the legal requirements to offer its crypto services. If so, the bank would likely embark on a new crypto journey unimaginable a few years ago, especially given the public anti-crypto stance of its CEO.
Goldman Sachs is one of the largest investment banking and securities groups in the world, so this new feat could appeal to retail investors and Wall Street bigwigs who have been waiting for these kinds of inclusions or news to make your entry into the world of cryptography.
We just have to wait a bit to see if they manage to comply with all the regulations in force to allow their clients to expand their portfolios, an option that would be very interesting, especially in these volatile times that know all the financial markets.
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Goldman Sachs Set to Offer Cryptocurrency Investment Services This Year
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