Goldman Sachs, Galaxy Digital, Execute OTC Crypto NDO
Posted by Colin Lambert. Last updated: March 21, 2022
There has been another first for the crypto industry as Galaxy Digital has announced it has facilitated the first OTC crypto transaction by a major bank in the US, with Goldman Sachs trading a Bitcoin NDO (non-deliverable option). The two firms have an existing relationship that saw Goldman execute its first Bitcoin futures transaction on CME Group last year.
“We expect the transaction to open the door for other banks considering OTC as a conduit for trading digital assets,” says 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.”
Max Minton, Asia Pacific head of digital assets for Goldman Sachs, adds, “This [first settled crypto currency options trade] is an important development in our digital assets capabilities and for the broader evolution of the asset class.”