Galaxy Digital Holdings has facilitated and executed the first over-the-counter (OTC) crypto transaction with Goldman Sachs, in the form of a Bitcoin non-deliverable option (NDO).
The transaction marks the first OTC crypto deal by a major bank in the US, as Goldman Sachs continues to expand its cryptocurrency offerings.
Galaxy Digital's trading platform is focused on the digital-asset market, offering clients liquidity across a variety of centralised exchanges and OTC markets to move capital and assets securely.
The recent transaction also represents a continuation of the Goldman Sach’s partnership with Galaxy Digital, which included facilitating the bank's first CME Group Bitcoin futures transaction last year.
Damien Vanderwilt, co-president, and head of global markets at Galaxy Digital, says: "We expect [this recent] transaction to open the door for other banks considering OTC as a conduit for trading digital assets. Goldman's continuing trust in us is a testament to Galaxy's expertise and ability to meet the evolving demands by institutions as crypto solidifies itself as the fifth asset class."
Max Minton, Asia Pacific head of digital assets for Goldman Sachs, comments: "We are pleased to have executed our first cash-settled crypto currency options trade with Galaxy Digital Holdings. This is an important development in our digital assets capabilities and for the broader evolution of the asset class."
Anton Chashchin, managing partner of Bitfrost.io, comments: “This step from Goldman Sachs reflects the growing integrations of traditional finance and cryptos. These days, virtually all leading financial companies are expanding into cryptos in some capacity, whether its investment banks like Goldman or major asset managers like BlackRock.”
