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Goldman Sachs Executes Its First Trade of Ether-Linked Derivative: Report
London-based Marex Financial was the counterparty for the trade.
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.
Parikshit Mishra
Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.
