Goldman Sachs Is Preparing to Launch Crypto Investment Services
Previously, Goldman Sachs was known for its anti-crypto stance. Today, it aspires to be the market leader in cryptocurrencies via the introduction of innovative investment products.
Mary Catherine Rich, the bank’s recently appointed global head of digital assets for private wealth management, revealed that the bank would soon offer investments in Bitcoin (BTC) and other cryptocurrencies to its private wealth management customers.
Mary Rich said in an exclusive interview with CNBC that Goldman Sachs was working diligently to provide exposure to this new class of developing assets in the second quarter of the year.
“We are collaborating closely with teams throughout the company to identify methods to provide private equity clients with meaningful and appropriate access to the ecosystem, which we hope to do in the near future.”
Additionally, she said that the business is investigating the idea of delivering a comprehensive cryptocurrency investing toolset through various investment vehicles.
Goldman Sachs aspires to emulate Morgan Stanley’s success
Morgan Stanley, an American global financial services company that works as an investment bank and broker-dealer, has stated that its financial advisers would be allowed to provide bitcoin funds to its customers starting this month. Goldman Sachs wants to duplicate this phenomenon.
As a result of changing global legislation, an increasing number of banks and investment firms are incorporating digital assets into their wealth management strategies and services.
Additionally, the demand for digital assets has been expanding tremendously in recent years as a result of institutions and important persons such as Michael Saylor who have discovered a means to acquire bitcoins by seeking loans from different cryptocurrency-friendly banks.
Cryptocurrency demand is garnering the attention of major banks
According to Rich, the bank’s customers’ desire for cryptocurrencies prompted them to explore new financial solutions centered on the cryptocurrency industry.
“There is a segment of investors that see this asset as a hedge against inflation, and the macroeconomic background over the last year has undoubtedly contributed to that […] Additionally, there is a sizable percentage of clientele who believe we are at the dawn of a new Internet and are seeking for methods to participate.”
The reality is that Goldman Sachs is now working diligently to acquire a regulatory clearance to grow its company with various cryptocurrency products. It is the first bank in the United States to do OTC cryptocurrency trading. Now, imagine the SEC and the New York Department of Financial Services believe the bank complies with all legal standards for the provision of crypto services. In that situation, the bank would almost certainly go on a new crypto trip unthinkable only a few years ago — all the more so given its CEO’s stated anti-crypto position.
Goldman Sachs is one of the world’s greatest investment banking and securities firms, and this new achievement may entice regular investors and Wall Street titans who have been waiting for this sort of inclusion or news to make their entrance into the crypto realm.
It is only a matter of waiting to see whether they are able to comply with all applicable requirements in order to enable their customers to extend their portfolios, an option that would be quite enticing in these times of market volatility.