Goldman Sachs to Launch Crypto Services This Year

Time Stamp: April 2, 2022 6:34 AM
Source Node: 1245644

Goldman Sachs Bitcoin Loans

Investing banking giant Goldman Sachs will soon offer investments in Bitcoin (BTC) and other cryptocurrencies to clients within its private wealth management group. Offering Crypto Services to Wealth Management Clients According to Mary Rich, who was recently named global head of digital assets for Goldman’s private wealth management division, the bank will offer crypto investment services in the second quarter. “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,” Rich said in a CNBC interview this week. The global investment bank is looking to offer a “full spectrum” of investments in bitcoin and digital assets, ‘whether that’s through the physical bitcoin, derivatives or traditional investment vehicles,’ she said. According to Rich, the demand for cryptocurrencies by the banking clients has been the main reason for them to offer new products on the nascent asset class. “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,” Rich added. The bank may soon offer Bitcoin investment funds, similar to those of Morgan Stanley including investments that are ‘more akin to the underlying asset class which trades 24-7 globally’, she added.

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