Goldman Sachs’ prime brokerage unit is clearing and settling cryptocurrency exchange-traded merchandise (ETPs) for some hedge fund purchasers in Europe, in response to two sources with data of the matter.

The providers are at the moment being supplied to a restricted variety of purchasers, and the financial institution has been reviewing the matter internally because it eyes rolling out these providers to a wider variety of clients, the sources mentioned.

Goldman Sachs isn’t the one financial institution making such a transfer. Financial institution of America, which, as reported by CoinDesk earlier within the week, has additionally been providing the clearing and settlement of cryptocurrency ETPs for hedge funds, because the adoption of crypto by establishments gathers tempo. 

Earlier this week the Monetary Instances additionally reported that BNY Mellon has backed a brand new crypto buying and selling platform referred to as Pure Digital, following within the footsteps of its rival State Avenue. The transfer into crypto ETPs follows the relaunch of Goldman’s cryptocurrency buying and selling desk in March.

Financial institution of America has additionally accepted the buying and selling of bitcoin futures for some purchasers and is clearing cash-settled contracts, CoinDesk reported final week.

Crypto ETPs are traded on change, very like equities and ETFs, and observe the efficiency of an underlying asset. Their recognition has been rising as they permit purchasers to put money into crypto with out having to put money into the underlying digital belongings themselves.

In June, ETC Group launched the primary bitcoin ETP within the U.Ok. on the Aquis Alternate in London. There has additionally been an growing variety of cryptocurrency ETPs being listed on Switzerland’s SIX Alternate and on Germany’s Deutsche Boerse.

Nearly half of household workplaces that do enterprise with Goldman Sachs need publicity to cryptocurrencies, Bloomberg reported this week.

Goldman Sachs declined to remark.