Goldman Sachs joins the league of Morgan Stanley. Mary Catherine Rich, the newly appointed global head of digital assets for Goldman Sachs’ private wealth management division, revealed that the firm will soon sell Bitcoin (BTC) and other cryptocurrencies to clients in its private wealth management group.
She told CNBC in an interview that they are working hard to provide exposure to this new sort of developing asset during the second quarter of the year:
“Goldman Sachs is collaborating with teams throughout the firm to investigate methods to provide intelligent and appropriate access to the ecosystem for private equity clients, and they look forward to delivering on that in the near future.”
Morgan Stanley recently announced that its financial advisors will be able to offer bitcoin funds to their clients this month. Goldman Sachs plans to replicate this. This new achievement may entice retail investors as well as Wall Street bigwigs who have been waiting for this sort of admission or news to make their entry into the crypto realm.
It just needs to be seen if they are able to comply with all of the appropriate requirements in order to allow their clients to increase their portfolios, which would be a very appealing choice, especially given the volatility that all financial markets are facing.
It is also trying hard to acquire regulatory clearance to develop its firm with various crypto goods. It recently became the first American bank to do an OTC crypto deal. Assume the SEC and the New York Department of Financial Services believe the bank satisfies all legal standards to sell its crypto services. In that situation, the bank would almost certainly go on a new crypto trip, inconceivable only a few years ago, especially given its CEO’s outspoken anti-crypto attitude.
