Previously, Goldman Sachs was known for its anti-crypto attitude. With new investment offerings, it hopes to take the lead in the cryptocurrency race today.
Mary Catherine Rich, the bank’s newly appointed global director of digital assets for Goldman Sachs’ private wealth management department, revealed that the firm will soon provide Bitcoin (BTC) and other cryptocurrencies to its private wealth management customers.
Mary Rich told CNBC in an exclusive interview that Goldman Sachs was working hard to provide exposure to this new sort of developing asset during the second quarter of the year.
“We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private equity clients, and that is something we look forward to delivering in the near term.”
She also stated that the company is examining the idea of providing a comprehensive cryptocurrency investing toolset through various investment kinds.
Goldman Sachs hopes to follow in Morgan Stanley’s footsteps.
Morgan Stanley, an investment bank and broker-dealer based in the United States, has stated that its financial advisers would be able to provide bitcoin funds to their customers later this month. Goldman Sachs wants to do the same.
As a result of the new rules being implemented throughout the world, an increasing number of banks and investment funds are looking to include digital assets into their wealth management strategies and services.
Furthermore, thanks to institutions and important persons like Michael Saylor, who have discovered a means to acquire cryptocurrencies by seeking loans from numerous banks that are cryptocurrency-friendly, the demand for digital assets has been expanding tremendously.
The growing popularity of cryptocurrencies is catching the attention of major financial institutions.
According to Rich, the bank’s clients’ interest for cryptocurrency prompted them to explore for new methods to offer new financial solutions centered on the crypto sector.
“There’s a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop over the past year has certainly played into that […] There are also a large contingent of clients who feel like we’re sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space.”
The reality is that Goldman Sachs is now working hard to acquire regulatory clearance to expand its company with various crypto products. It just became the first American bank to execute an OTC cryptocurrency exchange.
Let’s pretend the SEC and the New York Department of Financial Services believe the bank complies with all legal standards in order to provide its crypto services. In that situation, the bank would certainly go on a new crypto path that would have been unthinkable only a few years ago, especially given its CEO’s outspoken anti-crypto attitude.
Goldman Sachs is one of the largest investment banking and securities groups in the world, so this new feat could draw retail investors and Wall Street bigwigs who are waiting for this type of inclusions or news to make their entry into the crypto world.
It’s just a matter of time to see if they manage to comply with all applicable requirements in order to allow their clients to grow their portfolios, which would be a very appealing alternative, especially in these times of market volatility.
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