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Goldman Sachs Settling Crypto ETPs in Europe: Sources

The U.S. bank’s prime brokerage division is offering services in crypto-linked ETPs to some of its European hedge fund clients.

Jul 23, 2021 at 3:52 p.m. UTC
Updated Sep 14, 2021 at 1:30 p.m. UTC

Goldman Sachs’ prime brokerage unit is clearing and settling cryptocurrency exchange-traded products (ETPs) for some hedge fund clients in Europe, according to two sources with knowledge of the matter.

The services are currently being offered to a limited number of clients, and the bank has been reviewing the matter internally as it eyes rolling out these services to a wider number of customers, the sources said.

Goldman Sachs isn’t the only bank making such a move. Bank of America, as reported by CoinDesk earlier in the week, has also been offering the clearing and settlement of cryptocurrency ETPs for hedge funds, as the adoption of crypto by institutions gathers pace. 

Earlier this week the Financial Times reported that BNY Mellon has backed a new crypto trading platform called Pure Digital, following in the footsteps of its rival State Street. The move into crypto ETPs follows the relaunch of Goldman’s cryptocurrency trading desk in March.

Bank of America has also approved the trading of bitcoin futures for some clients and is clearing cash-settled contracts, CoinDesk reported last week.

Crypto ETPs are traded on an exchange, much like equities and ETFs, and track the performance of an underlying asset. Their popularity has been growing as they allow clients to invest in crypto without having to invest in the underlying digital assets themselves.

In June, ETC Group launched the first bitcoin ETP in the U.K. on the Aquis Exchange in London. There has also been an increasing number of cryptocurrency ETPs being listed on Switzerland’s SIX Exchange and on Germany’s Deutsche Boerse.

Almost half of family offices that do business with Goldman Sachs want exposure to cryptocurrencies, Bloomberg reported this week.

Goldman Sachs declined to comment.

DISCLOSURE

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