Galaxy Digital previously assisted CME Group’s June 2021 launch of Goldman Sachs’ Bitcoin futures trading product.
Goldman Sachs, the American investment firm, has expanded its experience in cryptocurrency trading by executing its first-ever over-the-counter (OTC) crypto options trade.
Goldman Sachs completed its first over-the-counter bitcoin transaction in partnership with Galaxy Digital, Michael Novogratz’s cryptocurrency investment management firm.
According to a joint announcement on Monday, the OTC transaction took the form of a Bitcoin (BTC) non-deliverable option, making it one of the first OTC cryptocurrency transactions by a major US bank.
“We are happy to have completed our first cash-settled cryptocurrency options transaction with Galaxy,” said Max Minton, Goldman Sachs’ Asia Pacific head of digital assets. He emphasized that the breakthrough is significant for Goldman Sachs’ expertise in digital assets as well as for the “broader expansion of the asset class.”
Goldman Sachs’ recent engagement with Galaxy Digital is also a continuation of the bank’s partnership with Galaxy to strengthen its crypto capabilities. Galaxy facilitated the launch of Goldman Sachs’ Bitcoin futures trading product for CME Group in June 2021, as previously announced.
“We are thrilled to deepen our connection with Goldman and anticipate that this transaction will encourage other banks to consider OTC as a channel for trading digital assets,” Galaxy Digital co-president Damien Vanderwilt said.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.