Goldman Sachs is Working on Various Product Offering Related to Bitcoin April 5, 2021 April 5, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsApril 5, 2021 by Kelly Cromley

Goldman Sachs is Working on Various Product Offering Related to Bitcoin

Goldman Sachs is supposedly working to roll out its initial product offerings based on Bitcoin (BTC) and other cryptocurrencies by the second-quarter of 2021.

Specifically, the private wealth management division of the Wall Street giant, focused on high net worth individuals, family entities and endowments with minimum liquid cash of $25 million, intends to offer financial products to its customers.

Mary Rich, global head of digital assets for the company’s private wealth management unit, has stated that the institution wishes to ultimately provide a total “spectrum” of assets related to Bitcoin and other altcoins against the backdrop of increasing demand for the rising asset class.

“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.”

Insiders aware of the issue disclose that the bank is now waiting for approval from regulators such as the US SEC (Securities and Exchange Commission) and the New York Department of Financial Services (NYSDFS).

Rich states that their customers are looking for exposure to Bitcoin, both in the form of hedge against inflation against the backdrop of a volatile macroeconomic environment and also as an asset that reflects a path breaking technology.

Morgan Stanley, another banking behemoth, has disclosed in a filing with the SEC that 12 of its mutual fund offerings may take an exposure in the numero uno crypto in an indirect manner, via cash-settled futures contracts and Grayscale’s Bitcoin trust. Rich has pointed out that Goldman Sachs is on the outlook to offer comparable Bitcoin investment vehicles.

“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.”

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.