Goldman Sachs reportedly aims to offer bitcoin and other crypto investment vehicles to private wealth management clients in the second quarter.
CNBC reported the news on Wednesday, citing Golman’s Mary Rich, who was recently named global head of digital assets for the bank’s private wealth management division. Rich’s promotion was announced in an internal memo on Wednesday seen by The Block.
“In this newly-created role, she will work closely with advisors to educate clients about blockchain technology and the digital assets ecosystem, and seek to deliver content, investment offerings and services,” reads the memo.
The memo doesn’t mention the timeline for Goldman’s planned crypto offerings, but Rich told CNBC that the firm is expecting to offer it “in the near-term.”
The crypto offerings could be through the “physical bitcoin, derivatives or traditional investment vehicles,” she said.
“There’s a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop over the past year has certainly played into that,” said Rich. “There are also a large contingent of clients who feel like we’re sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space.”
This is a developing story and will be updated…