Goldman Sachs is giving hedge fund clients crypto research from data firm The Block

Goldman Sachs has begun giving its institutional trading clients research reports from crypto news and data firm The Block.

Hedge funds and other clients began receiving the reports on Thursday via the investment bank’s Marquee digital platform, according to an email obtained by CNBC. The first report available to Goldman clients was an overview of decentralized finance (DeFi) protocols on the Ethereum network.

“In an effort to provide relevant digital assets content and research, GS Digital Assets is now providing exclusive access to select reports from The Block Research,” the bank said. “While these typically require a paid subscription, clients can access them for free with a Marquee account.”

The move by Goldman, a premier global investment bank, is a sign of increased demand from large investors for information and analysis about cryptocurrencies and related fields like DeFi. Bank of America and Morgan Stanley have each announced new crypto research desks this year, while Goldman revamped its digital assets division last year and began trading bitcoin-linked instruments in May.

A Goldman spokesperson confirmed the authenticity of the client email and declined to comment further.

The investment bank has said that its Marquee platform, which allows clients to access data and analytics without using traditional methods like calling salespeople, has 50,000 active monthly users.

The dizzying ascent of bitcoin and other cryptocurrencies in recent years has been accompanied by the rise of new news outlets like The Block and CoinDesk and expanded hiring by established outlets including Bloomberg News.

“Large financial institutions and technology companies have leveraged The Block’s suite of research and data services to more deeply understand the fast-growing market for digital assets for some time now,” Michael McCaffrey, CEO of The Block, said in an email.