July 23 (Reuters) – Goldman Sachs Group Inc’s prime brokerage division is clearing and settling cryptocurrency exchange-traded merchandise (ETPs) for a few of its European hedge fund shoppers, Coindesk reported on Friday, citing individuals conversant in the matter.
The companies are at present being provided to a restricted variety of shoppers and the financial institution is contemplating rolling them out for a broader buyer base, the report stated. (bit.ly/3zl70wy)
Goldman Sachs declined to touch upon the matter.
The U.S. lender in March restarted its cryptocurrency desk amid rising curiosity by establishments in bitcoin, and stated it was taking a look at methods to cater to a surge in demand to personal and spend money on the preferred cryptocurrency.
Goldman Sachs is certainly one of a number of mainstream monetary companies that has dived into the crypto house, regardless of wild value swings and widening regulatory crackdown on the digital belongings.
Rival banks Morgan Stanley and JPMorgan Chase & Co have additionally began giving shoppers entry to crypto funds, in response to media experiences. (Reporting by Niket Nishant in Bengaluru; Enhancing by Ramakrishnan M.)