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- Mary Catherine Rich from Goldman Sachs recently highlighted that the institution will offer investments in digital assets to the clients within its private wealth management group.
- There is a contingent of clients who are looking to this asset as a hedge against inflation, she highlighted.
- It is ironic as Goldman Sachs was earlier not so inclined towards the asset class and now it is striving to be at the forefront of the crypto race.
Mary Catherine Rich, the newly appointed global head of digital assets for Goldman Sachs’ private wealth management division recently announced that very soon the bank will offer investments in Bitcoin (BTC) and other cryptocurrencies to the clients within its private wealth management group.
Recently in an interview, Rich highlighted that the institution was working hard towards providing exposure to these newly emerged assets in the Q2 of this year. According to her, they are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private equity clients, and that is something we look forward to delivering in the new team.
Crypto Demands Making Banks Think On Them
Furthermore, she highlighted that the firm is looking into the possibility of offering a complete cryptocurrency investment toolkit via different types of investments.
Goldman Sachs has taken a similar step to that of Morgan Stanley, an American financial multinational that recently signified that its financial advisors will be able to offer Bitcoin funds to their clients this month.
The demands for digital assets by the clients of the banks were a primary reason for them to search for ways to provide crypto market-focused new financial products.
According to her, there is a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop during the last year has certainly played to that. And there are also clients who feel like they’re sitting at the dawn of a new internet in some ways and are looking for ways to take part in this space.
Goldman Sachs has been working pretty hard to get the approval of regulatory entities to expand its business with varied crypto products. Reportedly, it is in the works to secure approvals from the Securities and Exchange Commission (SEC) and the New York Department of Financial Services.
It recently became the first American bank to perform an Over-the-counter (OTC) crypto trade. And being one of the largest global investment banking and securities groups, it might prove to be a way for others looking to enter the space.
No matter how much scrutiny the crypto industry faces from some entities, certain others are wholly in favor of the asset class and are realizing its potential to a great extent.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
