Goldman Sachs, one of the world’s largest banks, has made its first Bitcoin trade in the OTC (over-the-counter) market. The Wall-Street giant bought an NDO (non-deliverable option) from Galaxy Digital, a firm specializing in financial services of digital assets.
The multinational investment bank is the first major U.S. bank to enter the OTC market of cryptocurrencies. It represents a milestone in the relationship between cryptocurrency and traditional banking.
Damien Vanderwilt, co-president and director of global markets of Galaxy Digital, believes that the trade will 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 (NYSE:GS) and their first successful OTC Bitcoin trade will inspire other banks to consider the stock market as a way to deal 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,” said Max Minton, Asia Pacific Head of Digital Assets for Goldman Sachs.
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