The investment bank Goldman Sachs launched non-deliverable forwards (NDFs) based on Ethereum. CoinDesk reports.
The instrument gives institutional investors indirect access to the second-largest cryptocurrency by market capitalization. The bank’s trading partner is the London-based Marex Financial.
The news came amid a substantial decline in the cryptocurrency market. Over the past 24 hours, Ethereum fell 15.3% (CoinGecko), with a current price of $1,214.
In May 2021, Goldman Sachs offered clients an NDF based on Bitcoin with settlement in fiat currency.
Earlier in spring 2022, the investment bank issued its first loan backed by the first cryptocurrency. The recipient was Coinbase.
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