Goldman Sachs (GS) has started trading a type of derivative tied to ether (ETH), Bloomberg reported on Monday.
- The Wall Street giant executed its first Ethereum non-deliverable forward, a derivative that pays out based on the price of ether and offers institutional investors indirect exposure to the cryptocurrency, the report said.
- London-based financial services firm Marex Financial was Goldman’s counterparty, the report added.
- The move by Goldman indicates an institutional appetite for cryptocurrencies at a time when the market is reeling from the fall of stablecoin terraUSD (UST) and a poor macroeconomic outlook.
- The overall market cap for cryptos tumbled to below $1 trillion for the first time in nearly 18 months on Monday, with ether shedding nearly 17% in the past 24 hours.
- Goldman Sachs and Marex Financial were not immediately available for comment when contacted by CoinDesk.
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