Sources say Goldman Sachs is resolving crypto ETPs in Europe.

According to two persons familiar with the situation, Goldman Sachs’ prime brokerage subsidiary is processing and resolving bitcoin exchange-traded products (ETPs) for select hedge fund customers in Europe.

The services are presently only available to a small number of customers, and the bank has been analyzing the situation domestically as it considers expanding the service to a larger number of consumers, according to the sources.

Goldman Sachs isn’t the only bank to take this step. As CoinDesk announced previously this week, Bank of America is now enabling the settlement process of cryptocurrency ETPs for hedge funds, as institutional adoption of crypto accelerates.

BNY Mellon has backed a new crypto trading platform named Pure Digital, according to the Financial Times, following in the footsteps of its rival State Street. The entry into crypto ETPs comes after Goldman’s cryptocurrency trading department relaunched in March.

According to CoinDesk, Bank of America has allowed the exchange of bitcoin futures for select customers and is processing cash-settled agreements.
Crypto ETPs, like equities and ETFs, are traded on exchanges and monitor the results of an underlying value. Their popularity is growing because they let customers invest in cryptocurrency without having to own the fundamental digital assets.

On the Aquis Exchange in London, ETC Group established the first bitcoin ETP in the United Kingdom in June. A growing number of cryptocurrency ETPs have been listed on the SIX Exchange in Switzerland and the Deutsche Boerse in Germany.

According to a survey, over half of Goldman Sachs’ family offices desire exposure to cryptocurrency.

Goldman Sachs did not respond to a request for comment.