Goldman Sachs settling crypto ETPs in Europe – Coindesk

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 purchasers, Coindesk reported on Friday, citing individuals conversant in the matter.

The providers are at present being provided to a restricted variety of purchasers and the financial institution is contemplating rolling them out for a broader buyer base, the report mentioned. (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 mentioned it was methods to cater to a surge in demand to personal and spend money on the most well-liked cryptocurrency.

Goldman Sachs is considered 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 purchasers entry to crypto funds, in response to media studies. (Reporting by Niket Nishant in Bengaluru; Modifying by Ramakrishnan M.)