The U.S. investment bank is the latest to join the wave of global financial institutions seeking a share in the rapidly-growing cryptocurrency market.
Goldman Sachs plans to offer investments in bitcoin and other digital assets to its wealth clients, according to «CNBC,» beginning in the second quarter. The planned offering could include physical bitcoin, derivatives and traditional investment vehicles.
Client-Driven Demand
The issue is closely watched in Switzerland, the world's largest offshore wealth center. Countless Swiss private banks have flirted with crypto while not yet fully embracing digital assets. Earlier in March, Goldman operating chief John Waldron signaled interest in launching its own crypto business.
«Client demand is rising,» Waldron said, according to a «Reuters,» which said the bank’s crypto trading desk had reopened in the same month and began dealing bitcoin futures and non-deliverable forwards. «We are regulated on what we can do. We continue to evaluate it […] and engage on it.»
Crypto Wealth
A gradually increasing number of global banks are entering the crypto market, particularly with a focus on serving wealth management client demand.
Morgan Stanley also launched its own crypto offering earlier last month via three funds. Outside of the U.S., DBS and Standard Chartered have also entered the crypto market, launching their offerings in December last year.
