U.S. investment bank Goldman Sachs plans to offer its wealthiest clients a cryptocurrency investment infrastructure. Mary Rich, the bank's global head of digital assets, said in an interview with CNBC that the new service will go live as early as Q2: We are working closely with teams across the company to explore ways to offer thoughtful and relevant access to the ecosystem for private wealth clients. This is something we expect to offer in the near future. She also noted that the bank will launch a full spectrum of investment tools. These will include both BTC in physical form and cryptocurrency derivatives. Rich did not reveal the requirements for the upcoming offering. However, looking at Goldman Sachs' past business, clients are usually required to invest at least $25 million. Banks are changing their minds about Bitcoin Wall Street's biggest banks initially wanted nothing to do with Bitcoin. Now, however, they are slowly reconsidering the issue. Recently, the cryptocurrency industry has welcomed many retail and institutional investors adopting Bitcoin as an inflation hedge. Bitcoin continues its struggle to enter mainstream finance all the time, but things are looking better than ever. It is traditional investors who have consistently demanded that financial institutions offer crypto products as well. This is because they want to protect themselves from the current economic problems. These demands have forced banks to delve deeper into the cryptocurrency ecosystem. Otherwise, they would start losing customers after all. There is a large group of customers who feel that we are sitting at the dawn of the new Internet in some way and are looking for ways to participate in this space. - Rich said. Most banks, such as Morgan Stanley and BNY Mellon, have bowed to customer pressure and announced cryptocurrency offerings. Goldman Sachs has no plans to stay behind. According to Rich, the bank may offer a Bitcoin mutual fund, similar to that of Morgan Stanley. As we reported recently, JPMorgan Vice Chairman Daniel Pinto also mentioned investing in the original cryptocurrency. He stated that JPMorgan's decision to launch crypto services will depend on customer demand to trade them. While the current demand is not strong enough, Pinto says it could continue to grow: If an asset class develops over time that is used by different asset managers and investors, we will need to be involved [...] The demand is not there yet, but I'm sure at some point it will be. Tags banks bitcoin btc Goldman Sachs Morrgan Stanley Wall Street
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