In the structured products realm, the initial focus on bitcoin and ethereum trackers is giving way to a full ecosystem of products with many variations and a growing options market.

Almost every major tier one financial institution is now at an advanced stage of development in digital asset capabilities, with those who have not yet launched capabilities working towards product launches. Earlier this summer, Goldman Sachs (GS) executed its first crypto derivative transaction tied to ether (ETH) via an over-the-counter (OTC) non deliverable forward (NDF) trade with Marex Solutions acting as counterparty. The US bank is also working to offer synthetically long/short bitcoin-

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