Goldman Sachs Makes First OTC Crypto Trade With Galaxy Digital 

The multinational investment bank is the first major U.S. bank to enter the OTC market of cryptocurrencies.

Goldman Sachs, one of the world’s largest banks, has made its first OTC (over-the-counter) Bitcoin trade. The Wall-Street giant bought an NDO (non-deliverable option) from Galaxy Digital, a firm specializing in digital asset financial services.

The multinational investment firm becomes the first major U.S. bank to enter the OTC cryptocurrency market. This represents a significant milestone in the relationship between cryptocurrency and traditional banking.

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Damien Vanderwilt, co-president and director of global markets at Galaxy Digital, believes that the trade will serve to reinforce the bond between Galaxy Digital and the U.S. bank.

“This trade represents the first step that banks have taken to offer direct, customizable exposures to the crypto market on behalf of their clients,”

Vanderwilt said in an interview with CNBC.

Vanderwilt hopes that the association with Goldman Sachs, and their first successful OTC Bitcoin trade, will inspire other banks to consider the stock market as a way to facilitate deals with digital assets.

We are pleased to have executed our first cash-settled cryptocurrency options trade with Galaxy. This is an important development in our digital assets capabilities and for the broader evolution of the asset class,”

affirmed Max Minton, Asia Pacific Head of Digital Assets for Goldman Sachs.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.