According to a recent announcement, Goldman Sachs plans to sell bitcoin and other crypto investment vehicles to private wealth management clients in the second quarter.
Goldman’s Mary Rich, who was recently appointed global head of digital assets for the bank’s private wealth management division, was the first to announce the storey, according to CNBC. Rich’s promotion was revealed in an internal memo circulated on Wednesday.
The memo reads, “In this newly developed position, she will work closely with advisors to educate clients about blockchain technology and the digital assets ecosystem, and aim to provide content, investment products, and services.”
Rich told CNBC that the crypto offerings could come in the form of “physical bitcoin, derivatives, or conventional investment vehicles.”
“A contingent of clients is looking to this commodity as an inflation hedge, and the macro backdrop over the last year has certainly played into that,” Rich said. “There’s also a sizable community of clients who believe we’re at the start of a new Internet in several respects and are searching for ways to engage in it.”
According to the memo, Rich will partner with Goldman’s head of digital assets, Mathew McDermott, and Sara Naison-Tarajano, global chief of PWM capital markets.
Earlier this month, it was also reported that Goldman rival Morgan Stanley is preparing to deliver bitcoin and crypto funds to its private wealth management clients through NYDIG or Galaxy Digital.