Mary Rich, the new global head of digital assets at Goldman Sachs, told CNBC in an exclusive interview that the bank plans to launch services for Bitcoin investment as early as the second quarter of 2022, in addition to interest in other financial products involving cryptocurrencies.
We are working closely with teams across the company to explore ways to provide smart and appropriate ecosystem access to private customers, and this is something we hope to offer in the short term, said Mary.
She noted that the bank may also launch other investment tools involving Bitcoin, as well as other cryptocurrencies, or cryptocurrency derivatives. Although Rich did not disclose the minimum investment limit, based on Goldman Sachs' previous wealth management businesses, clients generally need to invest at least $ 25 million.
Banks, including some of the biggest names on Wall Street, initially did not want any involvement with Bitcoin in their early years, but are slowly reconsidering their decision to provide offers related to cryptocurrencies.
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The crypto industry has recently seen many retail and institutional investors adopt bitcoin as a hedge against inflation compared to other traditional instruments like gold. As Bitcoin continues its journey, traditional investors have consistently demanded that financial institutions also offer investments in cryptocurrencies while seeking to save themselves from current global economic problems. These demands forced banks to dive into the ecosystem to prevent an imminent exodus of customers from the market.
There is a large contingent of customers who feel like we are starting a new internet in some way and are looking for ways to participate in that space, Rich said.
According to Rich, the bank may offer a bitcoin investment fund similar to that of Morgan Stanley. Goldman also recently filed for an ETF to be invested in cryptocurrencies and companies in the industry.Read too: Bitcoin will save banks – Understand how