Home » Finance » Goldman Sachs intends to offer cryptocurrency investments following Morgan Stanley’s footsteps

Goldman Sachs intends to offer cryptocurrency investments following Morgan Stanley’s footsteps

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

About the author, Deyvid Stoyanov

Deyvid developed his passion for technology, innovation, blockchain and decentralization throughout his bachelor and masters degree studies in Bulgaria and Italy. With several years of experience in the private sector, he is currently part of the FinTech Legal Center Tallinn-based team and remains immersed in the transformation of the financial and banking sector, the adoption of blockchain and cryptographic technologies as well as their interrelationship with state supervisory authorities and the European regulatory structure.

Content Quality Supervisor

Marcello Silvestri

Copywriting and SEO review

Mario Palmieri

Leave a Reply

Your email address will not be published.

About Estonian Crypto Licenses

Estonian Crypto Licenses is a trading name of TechIuris OÜ, a company based in Tallinn, Estonia and specialised in legal and compliance solutions for European FinTech companies. We are a fully licensed company, and EVEA and e-Residency marketplace members. Here on our blog, we share the latest news on topics such as NFTs, cryptocurrencies, blockchain and much more.

Have a question or need any of our services?

Related posts