December 2, 2022

Goldman Sachs launches non-deliverable forwards on Ethereum

Goldman Sachs launches non-deliverable forwards on Ethereum

Investment bank Goldman Sachs has launched Ethereum-based non-deliverable forwards (NDF). CoinDesk writes about it.

The tool provides institutional investors with indirect access to the second largest cryptocurrency by capitalization. London-based company Marex Financial acted as a trading partner of the investment bank.

The news came out against the backdrop of a significant fall in the cryptocurrency market. Over the past day, Ethereum has fallen in price by 15.3% (CoinGecko), the current price is $1214.

Goldman Sachs launches non-deliverable forwards on Ethereum

Goldman Sachs launches non-deliverable forwards on Ethereum

Hourly chart of ETH/USD exchange Binance. Data: Trading View.

In May 2021, Goldman Sachs offered Bitcoin-based NDF customers with traditional currency settlement.

Recall that in the spring of 2022, the investment bank issued the first loan secured in the form of the first cryptocurrency. The recipient was Coinbase.