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American multinational investment bank Goldman Sachs Group Inc. has begun trading an Ethereum-linked derivative.
Source: Coindesk
ETH is down 15.38%, while UST is up 0.28%.
Goldman Sachs started its Ethereum non-deliverable forwards with London-based financial firm Marex Financial serving as the counterparty, according to a Bloomberg report.
The derivative pays out based on the prevailing price of Ether and also provides institutional investors indirect exposure to the cryptocurrency, reflecting an institutional appetite for cryptocurrencies.
The appetite comes amid the decline of stablecoin TerraUSD, along with a weak macroeconomic outlook, bringing the overall market capitalization of cryptocurrencies below $1 trillion for the first time in almost 18 months.
Both Goldman Sachs and Marex Financial have yet to comment on the matter.
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