(Reuters) -Goldman Sachs ( GS ) is exploring options to spin out its technology platform housed under its digital assets business, a source familiar with the matter said on Monday.

The bank's digital assets business, since its inception, has aided the adoption of blockchain technology and crypto-linked trading products.

Earlier this year, the U.S. Securities and Exchange Commission approved spot bitcoin exchange-traded funds. Bitcoin, the world's largest cryptocurrency, has more than doubled its value so far in 2024.

Plans for the new company are in the early stages, but Goldman aims to execute the spin-out within the next 12 to 18 months, Mathew McDermott, the bank's global head of digital assets, said, according to a Bloomberg News report.