Goldman Sachs completes first OTC crypto options trade with Galaxy

The American concern slope Goldman Sachs continues expanding its cryptocurrency trading expertise by executing its first-ever over-the-counter (OTC) crypto options trade.

Goldman Sachs executed its archetypal OTC crypto transaction successful collaboration with the trading portion of Michael Novogratz’s cryptocurrency concern absorption steadfast Galaxy Digital.

According to a associated announcement connected Monday, the OTC transaction was successful the signifier of a Bitcoin (BTC) non-deliverable enactment (NDO), representing 1 of the archetypal OTC crypto transactions by a large slope successful the United States.

“We are pleased to person executed our archetypal cash-settled cryptocurrency options commercialized with Galaxy,” said Max Minton, Goldman Sachs’ Asia Pacific caput of integer assets. He noted that the improvement marks an important milestone successful Goldman Sachs’ integer assets capabilities arsenic good arsenic for the “broader improvement of the plus class.”

The latest collaboration betwixt Goldman Sachs and Galaxy Digital besides represents a continuation of the bank’s concern with Galaxy to amended its crypto capabilities. As antecedently reported, Galaxy facilitated the launch of Goldman Sachs’ Bitcoin futures trading merchandise for CME Group successful June 2021.

“We are pleased to proceed to fortify our narration with Goldman and expect the transaction to unfastened the doorway for different banks considering OTC arsenic a conduit for trading integer assets,” Galaxy Digital co-president Damien Vanderwilt said.

This nonfiction is processing and volition beryllium updated.