Goldman Sachs Prepares To Offer Crypto Investment Services

Goldman Sachs prepares to offer crypto investment services with the newly appointed head of digital assets Mary Catherine Rich announcing the bank will start the new offering as soon as possible so let’s read more in today’s latest cryptocurrency news.

Goldman Sachs was known for its anti-crypto stance and now it wants to lead the crypto race with new investment products. Rich announced that the bank will soon offer investments in BTC and other crypto assets to clients within its private wealth management group. In an interview with CNBC, Rich said that Goldman Sachs worked hard to offer exposure to the new type of emerging assets.

“We 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 near term.”

In addition, she added that the company is looking into the possibility of offering a new crypto investment toolkit via different types of investment. Morgan Stanley ont the other hand is an American financial giant that operates as an investment bank and broker-dealer whcih announced recently that its financial advisors will be able to offer BTC funds to their clients and now the bank wants to replicate this as Goldman Sachs prepares to offer crypto services. Thanks to the new regulations that are applied worldwide, more banks and investment funds aim to include digital assets in their strategies and services. The continuous demand for digital assets was growing immensely thanks to the institutions and prominent figures like Michael Saylor that found a way to accumulate crypto by requesting loans from banks that are friendly to crypto.

According to Rich, the demand for crypto by the banks has been the main reason for them to look for other ways to offer new products focused on the market. She added:

“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.”

The truth is that right now, Goldman Sachs is working hard to obtain the approval of the regulatory entities and expand the business with different crypto products but it became the first US-based bank to perform an OTC crypto trade. It only remains to be seen if they will manage to comply with the relevant regulations.