American investment bank Goldman Sachs continues to expand its cryptocurrency trading experience with its first over-the-counter (OTC) trade in cryptocurrency options.
Goldman Sachs has completed its first over-the-counter cryptocurrency transaction in collaboration with the trading division of Michael Novogratz’ cryptocurrency investment management firm Galaxy Digital.
According to the joint announcement on Monday, the OTC transaction was in the form of a non-deliverable option on Bitcoin (BTC), representing one of the first OTC cryptocurrency transactions made by a major bank in the United States.
“We are delighted to complete our first cash-settled cryptocurrency option trade with Galaxy,” said Max Minton, Head of Digital Assets Asia Pacific at Goldman Sachs. He noted that the development marks a major milestone in Goldman Sachs’ digital asset capabilities as well as “the broader evolution of the asset class.”
The latest collaboration between Goldman Sachs and Galaxy Digital also represents the bank’s continued partnership with Galaxy to improve its cryptocurrency capabilities. As previously reported, Galaxy facilitated the launch of Goldman Sachs’ bitcoin futures trading product for the CME Group in June 2021.
“We are excited to continue to strengthen our relationship with Goldman and expect the transaction to open doors for other banks looking at OTC as a digital asset trading channel,” said Damien Vanderwilt, Co-President of Galaxy Digital.