The crypto trading desk at Goldman Sachs has expanded to include Ether.

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After previously dismissing cryptocurrencies, the Wall Street investment firm publicly endorsed Bitcoin earlier this year. Its products are currently being expanded to incorporate Ether.

Goldman Sachs is to sell Ether (ETH) futures contracts in the coming months, paving the way for greater acceptance of the second-largest cryptocurrency and signalling a substantial reversal from the institution’s previous critical attitude on digital assets.

Mathew McDermott, Goldman’s managing director of digital assets, confirmed Monday that the investment bank is expanding into Ether options and futures. In an interview with Bloomberg News, McDermott said institutional demand for cryptocurrencies will continue to grow despite the recent bout of market volatility:

“Institutional adoption will continue. […] Despite the material price correction, we continue to see a significant amount of interest in this space.”

McDermott cited a recent poll of 850 institutions in which roughly 10% of respondents claimed they are trading cryptocurrency and 20% are interested in getting into the market.

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According to CoinShares, institutional inflows into Ether products have totalled about $1 billion this year alone, with total assets valued over $11.1 billion.

In early May, Goldman started a small Bitcoin (BTC) derivatives trading desk. The new business is housed under the bank’s Global Currencies and Emerging Markets business and is led by McDermott’s digital-asset unit.

Goldman Sachs’ adoption of digital assets extends far beyond its trading floors. The bank recently sponsored a $15 million funding round for Coin Metrics, a major cryptocurrency intelligence platform, according to Cointelegraph. Goldman is “looking at a number of different companies that fit our strategic direction,” according to McDermott.

 

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