Goldman Sachs indicated it will be offering investment vehicles for Bitcoin and other crypto assets to clients of its private wealth management group.
The bank aims to start offering investments in the emerging asset class in the second quarter of the year according to its recently named global head of digital assets for the private wealth management division, Mary Rich.
The move would see clients of two of the world’s most prominent investment banks – Goldman Sachs and Morgan Stanley – have access to cryptoasset investments. Earlier this year, Morgan Stanley told financial advisors they could place clients into Bitcoin funds starting this month.
Large U.S. banks have mostly shunned Bitcoin, deeming the cryptocurrency too speculative and volatile. Client demand, Rich said, won out and led to Goldman’s new offering. Its private wealth management business targets individuals, families and endowments with at least $25 million to invest.
Also published on Medium.
