Wall Street banking giant Goldman Sachs Group Inc (NYSE:GS) plans to add over-the-counter (OTC) Ethereum (CRYPTO: ETH) options trading to its list of crypto product offerings.
What Happened: The decision to add OTC ETH options comes on the back of growing interest from clients, said Goldman’s Head of Crypto Trading Andrei Kazantsev in a client webinar seen by Bloomberg on Tuesday.
Kazantsev stated the bank plans to launch the cash-settled ETH options “in due course.
Last month, Benzinga reported that Goldman was considering OTC bilateral crypto options to allow hedge funds and Bitcoin (CRYPTO: BTC) miners a new way to boost yield.
Goldman’s clients already have access to ETH derivatives by way of Galaxy Digital Holdings Ltd’s (OTC:BRPHF) Institutional Ethereum Fund. The bank had sold $50.5 million to customers in March.
According to George Lewin-Smith, an associate on Goldman’s digital-assets team, client conversations have increasingly shifted to ETH which is now seen as “more of an investable asset class.”
Price Action: According to data from Benzinga Pro, ETH was trading at $3,341, down 4.90% in the last 24 hours.
Goldman Sachs shares traded 0.15% higher during the after-market session.
