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Crypto is getting more mainstream as an increasing number of banking institutions are starting to offer cryptocurrency investment products to their clients. One of these is Wall Street’s Goldman Sachs, which is set to offer Bitcoin and other digital currency investment vehicles to wealthy clients.
Goldman Sachs will soon be offering investment vehicles for Bitcoin (BTC) and other cryptos to its private wealth management clients, according to CNBC. This was confirmed by Mary Rich, who was recently named as the investment bank’s global head for the bank’s private wealth management division.
According to Rich, Goldman Sachs will start offering Bitcoin and crypto-related products in the second quarter of 2021. She said that the bank will be offering a “full-spectrum” of investments in BTC and other digital assets “whether that’s through the physical bitcoin, derivatives or traditional investment vehicles,” Coindesk reported.
“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,” Rich told CNBC in an interview this week.
This was also confirmed by an internal announcement that the bank shared with CoinDesk, which also announced Rich’s promotion to her new post. “We are pleased to announce that Mary Rich has been named global head of the Digital Assets Group for PWM,” Goldman Sachs said.
“Consistent with client focus and commitment to a OneGS approach, Mary will leverage the firm’s capabilities to ensure we can best meet client interest across digital asset classes and technologies,” the bank added. “As a firm, we believe in the possibility of blockchain technologies, and it is imperative that we continue to drive innovation and deliver solutions to our clients.”
Since digital currencies might be something new for the bank’s well-heeled clientele, Goldman Sachs plans to educate them on crypto and blockchain. For this endeavor, the bank has already partnered with experts to keep their clients up to speed.
“In this newly-created role, she will work closely with advisors to educate clients about blockchain technology and the digital assets ecosystem, and seek to deliver content, investment offerings, and services,” Goldman Sachs said in the memo. “This new team will partner with the Firmwide Digital Assets Group, led globally by Mathew McDermott, and PWM Capital Markets, led globally by Sara Naison-Tarajano.”
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