According to CNBC, Goldman Sachs' private management arm is close to offering cryptocurrencies to its high-value customers. The bank plans to start offering investments in the emerging asset class in the second quarter.
Goldman is looking to offer a "full spectrum" of investments in bitcoin and digital assets, "whether through physical bitcoins, derivatives or traditional investment vehicles," said Mary Rich, the bank's global head of digital assets.
The move means that soon, clients of two of the world's most prominent investment banks - Goldman and Morgan Stanley - will have access to a nascent asset class that has intrigued billionaires and digital currency enthusiasts.
The news symbolizes the solidification of blockchain-related assets, including bitcoin, a new type of money that emerged from the wreckage of the 2008 financial crisis.
Although the traditional financial industry has resisted cryptocurrencies for a long time, the increased demand for institutional investors, corporations and fintechs has won, forcing banks to adapt so as not to fall behind in the offer of this special asset class.