One of the largest investment banks in the US, Goldman Sachs, was one of the first to conduct an over-the-counter transaction using a cryptocurrency option.
Goldman Sachs has completed the first over-the-counter (OTC) option trading on Galaxy digital currency. The transaction was made in collaboration with Galaxy Digital, a crypto investment management company owned by Michael Novogratz.
According to the announcement, the OTC transaction was granted in the form of a non-deliverable option (NDO) on Bitcoin. Goldman Sachs Asia Pacific Head of Digital Assets Max Minton said the event marks a major milestone in the investment bank’s digital asset capabilities.
In the middle of last year, an American bank announced that it plans to launch trading in Ethereum futures and options. A representative of the bank said that the company sees a lot of interest in trading cryptocurrencies from clients and acceptance from institutional investors.
According to Damien Vanderwilt, head of global markets at Galaxy Digital, cryptocurrencies are becoming an important asset class, and customer demand for them is growing very quickly. At Galaxy and Goldman Sachs, Vanderwilt says, they hope the first transaction will inspire other banks considering over-the-counter transactions to trade digital assets.
Recall that in September last year, Galaxy Digital entered into a partnership with asset management company Invesco, under which several exchange-traded funds (ETFs) for cryptocurrencies will be launched.
