Goldman Sachs will soon be offering full-fledge crypto services for its private and extra-rich customers. A prominent investment vehicle would be Bitcoin and other digital assets would be secondary.
There is a massive change in Wall Street as well because few of its existing members are turning attention towards crypto.
One of the most prominent members of Wall Street is Goldman Sachs which has some of the richest people on board.
Some two weeks ago, someone within Goldman Sachs secretly informed that the bank will be integrating crypto services. However, whether there was any authenticity in the news, was a mystery and unknown.
But it has been confirmed that Goldman Sachs is in fact serious about its crypto drive. As a matter of fact it will soon be integrating Bitcoin along with other digital assets. However, the crypto offering services will be restricted to certain clients, particularly to those with deep pockets. Not only trading but also crypto custodial services have been proposed to be launched by Goldman Sachs. The biggest investment vehicle for the rich customers would probably Bitcoin and then anything else. This in fact is a major shift otherwise majority of the Wall Street members are not fond of cryptocurrencies.
It was reported further that a new department for supervising digital assets will be put in place within Goldman Sachs. As per the latest developments, it was further apprised that Mary Rich will be appointed to head the digital asset department. Rich too confirmed the investment bank’s crypto initiative in an interview which was recorded on 31st March, 2021 by CNBC. However, Rich hasn’t been officially announced to be the head of the new department. His new appointment is due until an official announcement of launch is made by Goldman Sachs.
Later on an internal memo was circulated by Goldman Sachs which detailed the role and responsibilities to be carried out by Rich. The memo suggested that Rich’s primary role will be to educate existing customers of the bank about crypto and blockchain. Thereafter, they shall be advised by Rich as to where they should put the investment.
During her interview, Rich also told that the proposed digital asset department will focus on the bank’s wealthy customers. Those who cannot take aggressive risks associated with crypto investment shall not be advised to do so. However, those with extra cash will be focused on providing they have US$25 Million for injecting into Bitcoin or other digital assets.
She also apprised that the decision to launch a crypto investment offering was not something that the bank came up with itself. In fact, there were several customers of the bank who were demanding from the bank to incorporate crypto offerings.
Similar steps have also been taken by Morgan Stanley which is considered to be a traditional rival of Goldman Sach.