Goldman Sachs is jumping into the crypto investment game launching a dedicated product for private wealth clients, according to CNBC on Wednesday.
Speaking to the bank's global head of digital assets Mary Rich, CNBC found out that Goldman Sachs is preparing to follow in the footsteps of Morgan Stanley and jump add crypto to its offering.
Goldman Sachs is already working closely with teams, exploring the available opportunities. “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”, Rich told CNBC.
While Morgan Stanley will get a head start in April, Goldman Sachs is expected to roll out its product later in Q2.
Explaining why Goldman is interested in this type of asset, Rich said that many clients are looking into crypto as a “way to hedge against inflation”.
Goldman Sachs has been known for its gung-ho stance on Bitcoin, but the bank has changed its tune recently, and in the face of soaring value for the cryptocurrency.
It's not just financial behemoths interested in cryptocurrencies. Many retail customers and casino players are also spending more time with these assets. Casinos such as Bitcasino.io, 1xBit and FortuneJack offer entertainment options exclusively in crypto.