Goldman Sachs (NYSE: GS) plans to follow several of its Wall Street peers and soon begin offering exposure to digital assets like Bitcoin (CRYPTO: BTC) to its private-wealth clients, CNBC reported this morning.
The investment bank said it will offer a wide array of investments in digital assets directly through tokens, derivatives, or more traditional financial vehicles.
“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,” Mary Rich, Goldman’s global head of digital assets, told CNBC.
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Rich added, “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.”
She said Goldman could begin offering these new investment options within the next three months.
Goldman is just the latest large Wall Street bank to begin offering services for Bitcoin and other digital assets. Earlier in March, Morgan Stanley (NYSE: MS) said it would allow its wealthy clients to invest in three funds that would essentially give them ownership of Bitcoin.
In February, the custodian firm Bank of New York Mellon (NYSE: BK) said it would soon begin to “hold, transfer, and issue” digital assets in the same way it does with stocks or bonds.
This growing adoption among some of the oldest and most storied Wall Street banks continues to support the further integration of digital assets into the traditional financial system.
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