Banking giant Goldman Sachs gears up for a giant leap into the crypto space

Banking giant Goldman Sachs gears up for a giant leap into the crypto space

“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.” Mary Rich, the newly-named global head of digital assets for Goldman’s private wealth management division, says the bank wants to eventually offer a “full spectrum” of investments in BTC and other cryptocurrencies amid rising demand for the emerging asset class.

People familiar with the matter reveal that the bank is now securing the green light from regulators, including the U.S. Securities and Exchange Commission (SEC) and the New York Department of Financial Services (NYSDFS).  Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

“We’re still in the very nascent stages of this ecosystem; no one knows exactly how it will evolve or what shape it will be, but I think it’s fairly safe to expect it will be part of our future.” Follow us on Twitter, Facebook and Telegram

The report comes as another banking giant, Morgan Stanley, reveals in a filing with the SEC that 12 of its mutual funds may indirectly invest in the leading cryptocurrency through cash-settled futures contracts and Grayscale’s Bitcoin trust. Rich says Goldman Sachs is looking to offer similar Bitcoin investment funds. Rich tells CNBC that their clients are seeking exposure to Bitcoin both as a hedge against inflation amid a turbulent macroeconomic backdrop and as an asset that may be at the forefront of a technological revolution.

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