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The bank’s newly appointed head of digital assets, Mary Rich, announced that Goldman was looking for ways to provide “thoughtful and fair” access to cryptocurrencies. She said it was still unclear what kind of products they would be offering, adding that they could be physical bitcoin, derivatives, or traditional investment vehicles.
According to Bloomberg, Goldman plans to start offering digital asset investments from the second quarter of 2021. In an internal memo to the staff who announced their appointment, Goldman said Rich will use the bank’s skills to ensure that their clients’ interests are being served.
“There is a contingent of customers viewing this asset as a hedge against inflation and the macroeconomic backdrop of the past year certainly helped,” she told CNBC. “There is also a large contingent of customers who feel that we are, in a sense, at the beginning of a new Internet and looking for opportunities to participate in this area.”
Goldman’s private asset management unit is aimed at clients with an investment of at least $ 25 million. This means that bitcoin funds could be used instead of physical bitcoin. Rich said the funds they are looking for look more like physical bitcoin than other cryptocurrency funds, like the Galaxy Bitcoin Fund. The bank will follow in the footsteps of Morgan Stanley, which is set to give its clients access to three funds that “enable Bitcoin ownership” over the next month.
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