The second-largest U.S. investment bank, Goldman Sachs, has announced that it will provide Bitcoin and other crypto products to its private wealth clients in the next few months. Goldman Sachs intends to provide these options in the second quarter of this year. CNBC reported on Wednesday that Goldman Sachs would offer clients of its private wealth management group access to Bitcoin investment vehicles. Goldman Sachs also advocated that they appointed Mary Rich as global head for digital assets in the firm. Rich chatted regarding what Goldman Sachs’ intention at the digital asset market could seem like in the coming months.
The banking giant intends to ultimately provide a full-spectrum of investments in Bitcoin and digital assets, whether via physical Bitcoin derivatives or conventional investment vehicles. This announcement makes Goldman Sachs the second giant after Morgan Stanley provides crypto-based investment vehicles to clients. Moreover, the accord is that this indeed brings the Wall Street masses closer to the crypto world.
Goldman Sachs to offer Private Wealth Management to Wealthy Clients
Further, it is essential to note that Goldman Sachs has developed the private wealth management division for the wealthiest clients, at least in the first steps of the ordeal. Goldman’s wealth management clients would be targeting a minimum of 25 million dollars in their portfolio at the company. This could view the involvement of big whale investors in diversity of crypto assets. Goldman’s declaration symbolizes that significant financial institutions are commencing to embrace crypto assets after years of skepticism owing to their volatile nature.
Like many significant banks, Goldman has switched its tune on Bitcoin this year, moving from a solid skeptic to welcoming the new phenomenon. In February, Goldman Sachs has restarted its crypto trading desk, trading in Bitcoin futures and non-deliverable forwards. Goldman Sachs is the latest in a lengthy line of institutions and huge companies that have shifted their attention to developing digital assets. Last month, Tesla invested a massive $1.5 billion into Bitcoin. Significant firms like MicroStrategy and Square have also invested a principal amount in Bitcoin.
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