Goldman Sachs To Offer Crypto Investment Services This Year• April 2, 2022 12:47 pm • Comments
The prominent investment bank Goldman Sachs was once known for its negative stance against the cryptocurrency industry labeling it as a risky asset that was not suitable for institutional clients.
It appears that the firm’s stance has changed drastically as the head of the digital assets division at Goldman Sachs just announce that the bank would be launching crypto investment services this year.
Essentially, digital assets would be offered to its private wealth management clients indicating that it is an increasing sector where investors are looking to diversify into.
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The firm reveals this announcement as a step towards their long term strategy to provide ample amount of exposure to the crypto markets for their clients.
JUST IN: Goldman Sachs to offer #crypto investment services to clients this year.https://t.co/HsROWtowTO
— The Moon (@TheMoonCarl) April 2, 2022
In an exclusive interview for CNBC, Mary Rich said that Goldman Sachs was working hard to offer exposure to this new type of emerging assets for the second quarter of the year.
“We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private equity clients, and that is something we look forward to delivering in the near term.”
In addition, she added that the firm is looking into the possibility of offering a complete cryptocurrency investment toolkit through different types of investments.
Goldman Sachs wants to follow in the footsteps of Morgan Stanley.
Goldman Sachs was not the only one that was jumping in the space as Morgan Stanley has also announced that they would be able to offer Bitcoin funds to their clients which is something that Goldman is trying to follow.
Traditional banks are also more open to using digital assets as collateral for loans now with there being a large list of crypto-friendly banks that are now available all around the world.
The drive for this push is mostly coming from the clients of the banks themselves which is what convinced the institutions to follow.
As for what is to come next, major financial institutions jumping onboard may be what is needed in order to encourage regulatory entities to approve related financial services.
"Goldman Sachs announced its first over-the-counter #crypto options trade, augmenting existing efforts involving digital-asset derivatives."🤩
Everyone is joining this revolution, what are you waiting for? 🔥https://t.co/Dy42fdTI5b
— Bondex (@bondexapp) April 1, 2022
The reality is that Goldman Sachs is now working hard to acquire regulatory clearance to expand its company with various crypto products. It just became the first American bank to execute an OTC cryptocurrency exchange.
Let’s pretend the SEC and the New York Department of Financial Services believe the bank complies with all legal standards in order to provide its crypto services.
In that situation, the bank would certainly go on a new crypto path that would have been unthinkable only a few years ago, especially given its CEO’s outspoken anti-crypto attitude.
Goldman Sachs is one of the largest investment banking and securities groups in the world, so this new feat could draw retail investors and Wall Street bigwigs who are waiting for this type of inclusions or news to make their entry into the crypto world.
Investors do expect a rough road as there will likely still be resistance initially in order to be able to comply with requirements, but it may only be a matter of time.
WOW! the future is already here: The Goldman Sachs Group Inc. (GS) executed its first over-the-counter (OTC) crypto trade through its trading partner Galaxy Digital Holdings Ltd. (GLXY).1 This is the first such transaction by a major U.S. bank. #BTC #ETH #Cryptos @SaraNancey
— Ellen Brown (@EllenBrown242) April 2, 2022
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