U.S. banking giant Goldman Sachs has started offering Bitcoin-backed non-deliverable forward contracts to Wall Street investors, according to Bloomberg's Matt Leising.
It relies on CME Group's Bitcoin futures to hedge against the cryptocurrency's infamous volatility, conducting block trades on the Chicago-based futures exchange. Cryptoasset trading company Cumberland DRW acts as Goldman's trading partner.
The new derivatives product was quietly introduced to Goldman's clients last month.
As reported by U.Today, Goldman Sachs COO John Waldron predicted an "explosion" in demand for cryptocurrencies in March.
Earlier this year, the bank re-launched its crypto trading desk and announced its plan to dabble in crypto custody.
Goldman has also spearheaded a $15 million funding round in cryptocurrency data analytics startup CoinMetrics.