Goldman Sachs Offers Ethereum Derivatives To Clients; Over $50M Sold So Far

Leading global investment bank Goldman Sachs Group Inc. GS has started selling Ethereum ETH/USD derivatives to its clients, reaching a new level of openness to cryptocurrency innovation.

What Happened: A U.S. Securities and Exchange Commission (SEC) filing reveals that Goldman Sachs is now offering customers access to the "Galaxy Institutional Ethereum Fund" with a minimum investment of $250,000. The fund was originally issued by Galaxy Digital, a crypto investment firm, last March.

Goldman Sachs has already sold over $50.5 million to 28 of its customers.

See Also: BEST INVESTMENT BANKS

The filing also cited independent wealth management firm CAIS Capital as a recipient of placement fees for referring its clients to Galaxy Digital's Ethereum fund. The amount of introduction fees that Goldman Sachs and CAS Capital receive were not disclosed in the form.

The news follows Galaxy Digital securing a position to serve as a liquidity provider for Goldman Sachs' Bitcoin BTC/USD futures contracts trading ecosystem back in June of 2021.

ETH Price Action: As of press time, Ethereum is trading at $2,750 after seeing its price increase by nearly 6.5% over the last 24 hours.

Related Link: Janet Yellen's Leaked Press Release Reveals Details Of Biden's Crypto Executive Order