Goldman Sachs conducts first OTC crypto exchange with Galaxy Digital by DailyCoin

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Goldman Sachs conducts first OTC crypto exchange with Galaxy Digital

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

The multinational investment bank is the first major US bank to enter the OTC cryptocurrency market. It represents a milestone in the relationship between cryptocurrency and traditional banking.

Damien Vanderwilt, Galaxy Digital’s co-president and head of global markets, believes the swap will strengthen the bond between Galaxy Digital and the US bank.

“This trade represents the first step 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 the association with Goldman Sachs (NYSE:) and their first successful Bitcoin OTC exchange will inspire other banks to consider the stock market as a way to manage digital assets.

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

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