Goldman Sachs plans to offer investments in bitcoin and other digital assets for its wealth management customers from the second quarter, the latest top-tier company to move into the cryptocurrency space.
Firms including Tesla, BNY Mellon and Square have recently announced that they are placing bets on bitcoin, as the widespread adoption of cryptocurrency to settle transactions and investments picks up momentum.
The report comes a day after Goldman’s move, reported by CNBC on Wednesday, said rival Morgan Stanley had begun offering investment to clients in the emerging asset class.
CNBC reported that Goldman would eventually offer investments in bitcoin and digital assets that would include physical bitcoins, derivatives or traditional investment vehicles.
A bank spokesman confirmed the details of the report, citing an interview with Mary Rich, global head of digital assets for Goldman’s private wealth management division.
Earlier this month, Reuters reported that Goldman had relaunched its cryptocurrency trading desk and was also exploring possibilities for a bitcoin exchange-traded fund.
The growing interest in cryptocurrency came after Tesla revealed in February that it had bought $ 1.5 billion worth of bitcoin, helping the cryptocurrency to hit a high in market capitalization and a record $ 1 trillion for the first time.
However, the digital currency is highly volatile.
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