03.22.2022

Goldman Sachs Executes First OTC Crypto Transaction

03.22.2022
Goldman Sachs Executes First OTC Crypto Transaction

Galaxy Digital Holdings Ltd., the pre-eminent global provider of blockchain and cryptocurrency financial services for institutions, announced today that its trading unit has facilitated and executed the first OTC crypto transaction with Goldman Sachs Group Inc. in the form of a Bitcoin non-deliverable option (NDO).

This marks the first OTC crypto transaction by a major bank in the U.S., as Goldman Sachs continues expanding its cryptocurrency offerings, demonstrating the continued maturation and adoption of digital assets by banking institutions. It also represents a continuation of the Bank’s partnership with Galaxy Digital to deepen its crypto capabilities, which included facilitating the Bank’s first CME Group Inc. Bitcoin futures transaction last year.

“We are pleased to continue to strengthen our relationship with Goldman and 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.”

Galaxy Digital’s trading platform is wholly focused on the rapidly expanding digital-asset market, offering clients deep, diverse liquidity across a variety of centralized exchanges and OTC markets. Through strong relationships with spot and future exchanges, digital asset exchanges, custodians and fiat banking partners, Galaxy has deep capabilities in moving capital and assets securely and efficiently.

“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.”

Galaxy’s trading platform provides liquidity in over 100 digital assets, with a consistent focus on the expanding needs of its counterparties in the digital assets sector. Galaxy works with over 690 institutional trading counterparties and added 43 new relationships in the third quarter of last year.

Source: Galaxy Digital

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