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Goldman Sachs Reports Crypto Option Trade Amid Institutional Uptake

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Goldman Sachs has executed the first over-the-counter cryptocurrency trade of a bitcoin non-deliverable option in partnership with Galaxy Digital.

Source: Cision

BTCUSD is up +0.63%

Galaxy says that the cash-settled cryptocurrency options trade is the first OTC cryptocurrency transaction by a major banking institution in the US.

The Co-President and Head of Global Markets at Galaxy, Damien Vanderwilt, says that the transaction is expected to pave the way for other banks using OTC as a gateway to traditional digital assets.

Galaxy Digital targets the virtual-asset market with liquidity to clients in multiple centralized exchanges and OTC markets.

Goldman continues to expand its cryptocurrency offerings, underscoring the adoption of the asset class among institutional clients. The institution reopened its trading desk last year after a three-year break.

The firm recently announced another offering of an ether fund to customers in partnership with Galaxy. The trading firm offers liquidity in more than 100 digital assets.

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