Goldman Sachs to Start Offering its Wealthy Clients Access to Bitcoin Starting Next Quarter
The bank’s VP says there is “a large contingent of clients” looking for ways to participate in the crypto space and sees Bitcoin as a hedge against inflation.
Goldman Sachs plans to start offering its first investment vehicles for Bitcoin and other crypto-assets to its wealthy clients in the next quarter.
CNBC reported the news on Wednesday, citing an internal company memo seen by it.
In an interview this week, Mary Rich, the new global head of digital assets for Goldman’s private wealth management division, which targets individuals, families, and endowments with at least $25 million to invest, said,
″We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near-term.”
Throughout the first quarter, Goldman Sachs has been working towards offering crypto products as it rebooted its bitcoin trading desk from 2018, filed for an ETF to provide indirect exposure to BTC, and reported “rising” client demand.
Another big name Morgan Stanley is reportedly on track to place clients into its bitcoin funds starting in April.
The investment banking giant is, according to Rich, is looking to offer a “full-spectrum” of investments in digital assets that ultimately range from physical bitcoin to derivatives and traditional investment vehicles.
It is basically all about demand for Bitcoin from the customers, and “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,” Rich said.
She further said that “a large contingent of clients” also feels like we’re at the dawn of a new Internet and are looking for ways to participate in the crypto space.
While the ecosystem is still at its “very nascent stages,” she said, “it will be part of our future.”
This article is Originally posted on CoinCentral.com