- Goldman Sachs will offer digital assets as part of its private wealth management services.
- The bank may offer bitcoin investment funds similar to Morgan Stanley
- The initiative is led by Mary Rich, recently appointed Global Head of Digital Assets.
The newest company to jump on the crypto bandwagon is Goldman Sachs. As more companies make a move towards cryptocurrency, Goldman Sachs is also planning to join by the second quarter. The bank is currently looking at offering digital assets as part of its wealth management services.
The bank’s private wealth management business mostly targets investors with above $25 million to invest. As values for cryptocurrencies creep higher and higher, Goldman Sachs is seeing the potential for expansion in this industry. Reportedly, the bank may offer bitcoin investment funds, similar to rival bank Morgan Stanley.
Mary Rich leads part of the transition. She became recently the Global Head of Digital Assets at Goldman Sachs. The announcement was made in an internal memo to the company. The memo stated that Rich will “work closely with advisors to educate clients”. Her main areas of expertise are blockchain technology and the digital assets ecosystem. She will work to also deliver content, investment plans, and services.
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”.—Mary Rich, Goldman Sachs
As of this moment, the company didn’t share a timeline stating when these services will become available. However, Rich has commented that users will see offers soon.
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