Goldman Sachs is reportedly preparing to issue its first investment channels for Bitcoin (BTC) and other crypto assets by the second quarter of 2021.
The Wall Street behemoth plans to offer the financial product to clients in its private wealth management group that targets high-net-worth individuals, families, and endowments with at least $25 million to invest, according to CNBC.
Mary Rich, the newly-named global head of digital assets for Goldman’s private wealth management division, says the bank wants to eventually offer a “full spectrum” of investments in BTC and other cryptocurrencies amid rising demand for the emerging asset class.
“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.”
People familiar with the matter reveal that the bank is now securing the green light from regulators, including the U.S. Securities and Exchange Commission (SEC) and the New York Department of Financial Services (NYSDFS).
Rich tells CNBC that their clients are seeking exposure to Bitcoin both as a hedge against inflation amid a turbulent macroeconomic backdrop and as an asset that may be at the forefront of a technological revolution.
The report comes as another banking giant, Morgan Stanley, reveals in a filing with the SEC that 12 of its mutual funds may indirectly invest in the leading cryptocurrency through cash-settled futures contracts and Grayscale’s Bitcoin trust. Rich says Goldman Sachs is looking to offer similar Bitcoin investment funds.
“We’re still in the very nascent stages of this ecosystem; no one knows exactly how it will evolve or what shape it will be, but I think it’s fairly safe to expect it will be part of our future.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong