In the second quarter of 2021, clients of one of the largest US investment banks, Goldman Sachs, will be able to invest in cryptocurrencies and other digital assets.
"Goldman Sachs plans to offer clients a full range of cryptocurrency investments, whether it be physical bitcoin, derivatives or traditional investment vehicles," said Mary Rich, head of digital assets at the bank's wealth management division.
What is Goldman Sachs Group known for?
Goldman Sachs Group, Goldman Sachs Group is one of the world's largest investment banks, a financial conglomerate, known as The Firm among financiers, engaged in investment banking, securities trading, investment management and other financial services, primarily with institutional clients. Since September 20, 2013 it is included in the Dow Jones Industrial Average. Since 2011, it has been one of the globally systemically important banks. Goldman Sachs is one of the leaders in investment banking. In the M&A market, the bank has historically earned a reputation for advising its clients on how to avoid hostile takeovers. This business segment accounts for approximately 21% of Goldman Sachs' turnover.
It was announced that Goldman Sachs will once again launch a platform for trading Bitcoin futures and non-deliverable forwards. Earlier, Goldman Sachs introduced the cryptocurrency platform in 2018, however, amid a decline in the market and interest in digital assets from customers, it was closed. Now the rise in the bitcoin rate and the interest of institutional investors forced the bank's management to reconsider its decision.
This is how Goldman Sachs became the second major investment bank to launch a product for investing in cryptocurrency after Morgan Stanley did.
Goldman Sachs plans to open access to 3 funds that allow you to own bitcoins. Only wealthy investors, whose assets are worth at least $ 2 million, will be able to invest in them.
Previously, large US banks have largely avoided Bitcoin, considering it too speculative and volatile for customers. But, as we can see, bitcoin is winning this battle as for the customer demand.
Goldman Sachs conducted a survey of 280 of its clients on the topic of digital assets. According to the results, 40% of companies participating in the survey have already started investing in cryptocurrencies. At the same time, more than 60% of respondents plan to increase investment in crypto assets over the next two years.
Goldman Sachs' head of digital assets, Matthew McDermott, said there is a demand for bitcoin among the bank's asset managers.
“You know, we see a constant interest in cryptocurrencies both within Goldman Sachs and among other private banks. We see huge institutional demand and how cryptocurrencies are affecting the realm of wealth management, ”said McDermott.
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He uses to dedicate part of his life to inspire others and help them achieve the most out of their lives. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He is Member of Institute of Directors in London, Member of Changer Club in Riga, Member of Fintech Association of Hong Kong, Member of Singapore Fintech Association, Member of Non Executive Director Association in London and Member of Alumni Network of Draper University in San Francisco. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.
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