July 23 (Reuters) – Goldman Sachs Group Inc’s prime brokerage division is clearing and settling cryptocurrency exchange-traded products (ETPs) for some of its European hedge fund clients, Coindesk reported on Friday, citing people familiar with the matter.
The services are currently being offered to a limited number of clients and the bank is considering rolling them out for a broader customer base, the report said. (bit.ly/3zl70wy)
Goldman Sachs declined to comment on the matter.
The U.S. lender in March restarted its cryptocurrency desk amid growing interest by institutions in bitcoin, and said it was looking at ways to cater to a surge in demand to own and invest in the most popular cryptocurrency.
Goldman Sachs is one of several mainstream financial firms that has dived into the crypto space, despite wild price swings and widening regulatory crackdown on the digital assets.
Rival banks Morgan Stanley and JPMorgan Chase & Co have also started giving clients access to crypto funds, according to media reports. (Reporting by Niket Nishant in Bengaluru; Editing by Ramakrishnan M.)