International Trade
Breaking: $119 billion valued investment bank, Goldman Sachs to begin offering Crypto
Goldman Sachs, the world’s leading investment bank is near offering investment vehicles on Crypto-assets for clients of its private wealth management group, according to a report credited to CNBC.
The American-based private wealth management business is targeting individuals, families and endowments with at least an investment capacity of $25 million.
The $119 billion valued investment bank will start offering investments in the emerging asset class in Q2, 2021 according to Mary Rich, who was recently named global head of digital assets for Goldman’s private wealth management division.
″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 said this week in an interview.
Goldman is looking at ultimately offering a ‘full spectrum’ of investments in bitcoin and digital assets, “whether that’s through the physical bitcoin, derivatives or traditional investment vehicles,” she said.
Until now, major American banks have ignored the crypto market deeming it too risky and unsuitable for their clients. But the latest price surge of the world’s most popular crypto asset has attracted wealthy investors, global business brands and fintech player; and the infrastructure to hold Crypto continues to mature. In the end, it was client demand that won out, according to Rich.
That being said, at the time of writing this report Bitcoin traded at $58,382.28. The daily trading volume of $54,700,348,162 Bitcoin is down by 1.35% for the day, as the U.S dollar soars and a significant number of investors take some profits off the table.
