Goldman Sachs, a banking giant, began trading Ether derivative assets on Monday. Investors will have indirect exposure to Ether, the second-largest cryptocurrency in terms of market capital.
Bloomberg reported that Marex Financial, a London-based financial service firm, was the counterparty to the trade. This comes at a time when the whole crypto market, including Ether has fallen to levels not seen since December 2020. The market’s total value is less than $1 trillion. Bitcoin’s market capital is below $450 billion. This trade could indicate a long-term belief in crypto as an investment class, despite recent downturns. After being a long-time skeptic, Goldman’s former CEO acknowledged that crypto was “happening” in January. Goldman Sachs was the first US bank to offer an OTC trade for Bitcoin in March. Citigroup also experimented with a blockchain equity swap in February 2020.
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