Goldman Sachs offers maiden over-the-counter crypto options trade via Galaxy Digital

Goldman Sachs has partnered with Galaxy Digital to offer over-the-counter (OTC) crypto trade. While announcing the alliance, it also sold a new Bitcoin non-deliverable option (NDO).  

OTC refers to buying and selling of securities outside the official stock exchange of a particular country. It is usually done in a decentralised manner where the participants deal with each other directly.   

Galaxy Digital claims that its trading platform is entirely focused on the digital-asset market, and is offering its clients deep, diverse liquidity across a variety of centralised exchanges and OTC markets. Through strong relationships with spot and future exchanges, digital asset exchanges, custodians and fiat banking partners, the company has deep capabilities in moving capital and assets securely and efficiently, as claimed by Galaxy.  

“We expect the transaction to open the door for other banks considering OTC as a conduit for trading digital assets,” said Damien Vanderwilt, Co-President, and Head of Global Markets at Galaxy Digital. “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.”  

Goldman Sachs has also affirmed that the partnership aims to deepen its crypto capabilities, which included facilitating the Bank’s first CME Group Inc.’s Bitcoin futures transaction last year.  

“We are pleased to have executed our first cash-settled crypto currency options trade with Galaxy,” said Max Minton, Asia Pacific head of digital assets for Goldman Sachs. “This is an important development in our digital assets capabilities and for the broader evolution of the asset class.”