Financial institutions are racing to roll out cryptocurrency investment vehicles to both retail and institutional investors. The institutions want to ensure that their clients gain exposure to the leading cryptocurrency and other cryptos. Goldman Sachs is one of the leading investment banks to provide crypto investment vehicles, and it is boosting its efforts soon.
Goldman Sachs to roll out Bitcoin investment vehicles
Leading US investment bank Goldman Sachs revealed earlier today that it would start offering Bitcoin investment vehicles in the second quarter of the year. The firm stated that institutional investors would have access to bitcoin and other crypto investment vehicles soon.
Mary Rich, global head of digital assets for Goldman’s private wealth management division, told CNBC earlier today that the bank will offer the investment vehicles to its wealthy clients. She stated that “We are working closely with teams across the firm to 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.”
Rich was promoted to the global head of digital assets for the firm’s private wealth management division earlier today, and the news of BTC adoption followed her appointment. She added that Goldman Sachs wants to offer a full spectrum of BTC investments and other digital assets.
Although most financial institutions shy away from dealing with Bitcoin directly, Goldman Sachs doesn’t want to follow that path. Rich told CNBC that Goldman Sachs would offer Bitcoin and other crypto investment vehicles via the physical BTC, derivatives or traditional investment vehicles.
Goldman Sachs follows Morgan Stanley in offering BTC investment vehicles
This latest development sees Goldman Sachs follow the footsteps of Morgan Stanley. Earlier this month, Morgan Stanley became the first major investment bank in the United States to offer wealthy clients access to bitcoin funds.
Bitcoin has interested billionaires in recent months, and they have been looking for ways to gain exposure to the cryptocurrency. Morgan Stanley intends to start offering its wealthy clients access to Bitcoin funds next month.
Rich added that “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.”
The Goldman Sachs executive confirmed that although we are at the early stage of the cryptocurrency market, Bitcoin will be a part of the investment bank’s future.