As a result of the new regulations being implemented around the world, an increasing number of banks and investment funds are looking to include digital assets in their wealth management strategies and services.
The American multinational investment bank and financial services company headquartered in New York City, The Goldman Sachs Group, Inc. is planning to add cryptocurrency investment services by the end of this year. As an investment banking company, Goldman Sachs offers services in investment banking, securities underwriting, asset management, investment management and prime brokerage, with assets under management as of 2020 standing at 2.1 trillion USD
Mary Catherine Rich, the bank’s newly appointed global head of digital assets for Goldman Sachs’ private wealth management division, revealed that the bank will soon provide Bitcoin (BTC) and other cryptocurrencies to its private wealth management clients.
Mary Rich confirmed during an exclusive interview for CNBC that the company is looking forward to offering access to the cryptocurrency ecosystem for private equity clients in the near term.
The new global head added that the main reason for them to look at ways to offer new financial products focused on the crypto market is due to the demand for cryptocurrencies by the bank’s clients.
Morgan Stanley, an investment bank and broker-dealer based in the United States, recently stated that its financial advisors will be able to provide bitcoin funds to their clients later this month. Goldman Sachs wants to do the same.
This new undertaking could attract retail investors and Wall Street executives who are waiting for this type of inclusion or news to make their entry into the crypto world. Goldman Sachs is one of the largest investment banking and securities groups in the world.
It’s just a matter of patience to see if they succeed to comply with all relevant requirements in order to allow their clients to extend their portfolios, which would be a very appealing alternative, particularly at a time of market volatility.
Photo by Jordan Merrick