Goldman Sachs is reportedly preparing to issue its first investment channels for Bitcoin (BTC) and other crypto assets by the second quarter of 2021.
The Wall Street behemoth plans to offer the financial product to clients in its private wealth management group that targets high-net-worth individuals, families, and endowments with at least $25 million to invest, according to CNBC.
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.
“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.”
People familiar with the matter reveal that the bank is now securing the green light from regulators, including the U.S. Securities and