What Happened: A newly-appointed global head of digital assets, Mary Rich, said in an interview with CNBC that the bank is getting ready to offer its “first investment vehicles” in digital assets in the second quarter to its wealth management clients, not specifying what kind of products will be provided.
Rich said that Goldman Sachs works together with different teams to make sure they “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.”
The bank’s final goal is to be able to introduce a “full spectrum” of investments, “whether that’s through the physical bitcoin, derivatives, or traditional investment vehicles,” Rich added.
See also: Is Crypto a Good Investment?
Why It Matters: This is the latest announcement in what has been a wave of institutional news in the crypto space.
Earlier this month, the bank announced it would restart a cryptocurrency trading desk –– the initiative it aimed to implement in 2018 but never actually did it.
Another US oldest banking institution JPMorgan revealed it would be launching Cryptocurrency Exposure Basket –– a debt instrument with positions in 11 companies, including MicroStrategy Incorporated (NASDAQ: MSTR), NVIDIA Corporation (NASDAQ: (NVDA)), and Square Inc (NYSE: SQ).
price Action: Goldman Sachs shares were trading at 326$, 1.81% lower, at press time
Bitcoin price has lost 0.29% in price over the past twenty-four hours and was trading at $58,894, while the global crypto market has gained 3.93% and is now $1.95 trillion.
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