Goldman Sachs 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 a «CNBC» report, starting from the second quarter.
The planned offering could include physical bitcoin, derivatives and traditional investment vehicles.
Client-Driven Demand
Earlier in March, the bank’s president and chief operating officer John Waldron had already signaled interest in launching its own crypto business.
«Client demand is rising,» Waldron said, according to a «Reuters» report that 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.
