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Goldman Sachs completes first OTC crypto options trade with Galaxy

American funding financial institution Goldman Sachs continues to increase its cryptocurrency buying and selling experience by executing its first-ever over-the-counter (OTC) crypto choices commerce.

Goldman Sachsexecuted its first OTC crypto transaction in collaboration with the buying and selling unit of Michael Novogratz’s cryptocurrency funding administration agency Galaxy Digital.

In response to a joint announcement on Monday, the OTC transaction was within the type of a Bitcoin (BTC) non-deliverable choice, representing one of many first OTC crypto transactions by a significant financial institution in america.

“We’re happy to have executed our first cash-settled cryptocurrency choices commerce with Galaxy,” stated Max Minton, Asia Pacific head of digital property at Goldman Sachs. He famous that the event marks an vital milestone in Goldman Sachs’ digital property capabilities in addition to for the “broader evolution of the asset class.”

The newest collaboration between Goldman Sachs and Galaxy Digital additionally represents a continuation of the financial institution’s partnership with Galaxy to enhance its crypto capabilities.

As beforehand reported, Galaxy facilitated the launch of Goldman Sachs’ Bitcoin futures buying and selling product for CME Group in June 2021. In response to information from the U.S. Securities and Alternate Fee, Goldman Sachs additionally gives its purchasers publicity to the Ether cryptocurrency (ETH) via Galaxy Digital’s Ethereum Fund.

“We’re happy to proceed to strengthen our relationship with Goldman and count on the transaction to open the door for different banks contemplating OTC as a conduit for buying and selling digital property,” Galaxy Digital co-president Damien Vanderwilt stated.

Stablecoin issuer Circle launches enterprise accounts for USDC transactions

Goldman Sachs is likely one of the largest conventional monetary establishments in america to be concerned within the cryptocurrency business. The monetary big is thought for backing Circle, the blockchain know-how agency working the USD Coin (USDC), the second-largest stablecoin by market capitalization. Final yr, Goldman Sachs made a historic transfer into the crypto business, launching its first buying and selling providers for BTC derivatives and Ether derivatives.

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