The primary brokerage unit of Goldman Sachs is clearing and settling crypto exchange-traded instruments for certain customers of hedge funds in Europe. The services are now provided to a small number of clients, and the bank looks at these services internally to serve more customers, said the sources.
Goldman Sachs is not the only bank to do so. Bank of America has also offered the clearance and solution of crypto-currency ETPs for hedge funds due to the popular demand for crypto among institutions, as reported earlier this week.
The Financial Times also revealed that BNY Mellon had supported its rivals State Street in a new crypto trading platform named Pure Digital. The entry into crypto-ETPs is followed by the reopening of Goldman’s crypto-currency department last March. Meanwhile, Bank of America has authorized bitcoin futures trading for certain customers and has cleared cash-settled agreements.
In June, the ETC Group established the first Bitcoin ETP in the United Kingdom on the London Aquis Exchange. More and more cryptocurrency ETPs are listed on the Swiss SIX Exchange and Deutsche Boerse in Germany.
Nearly half of the family offices dealing with Goldman Sachs desire cryptocurrency exposure, Bloomberg News reported this week. However, Goldman Sachs refused to comment on the matter.