Goldman Sachs Makes Over-The-Counter Bitcoin Trade


The Wall Street giant, Goldman Sachs just
turned into the main major U.S. bank to have made an over-the-counter (OTC) cryptocurrency
exchange, by buying an OTC Bitcoin non-deliverable option (NDO) from Galaxy
Digital, as announced on March 21.
The multinational investment bank Goldman
Sachs revealed it has directed an OTC crypto exchange with the cryptocurrency
firm Galaxy Digital. Following the OTC repayment, the head of digital assets for
Goldman Sachs' Asia Pacific unit, Max Minton, said the firm was satisfied to
have executed the bank's "first cash-settled cryptocurrency options trade
with Galaxy."
Max Minton, Asia Pacific head of digital
assets for Goldman Sachs, said in a statement: "We are pleased to have
executed our first cash-settled cryptocurrency options trade with Galaxy. This
is an important development in our digital assets capabilities and for the
broader evolution of the asset class."
Damien Vanderwilt, co-president and head of
global markets at Galaxy Digital, added: "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."
The declaration noticed that Galaxy assisted
Goldman Sachs with working with its first CME Group Inc. Bitcoin Futures
exchange the year before. Cosmic system's originator, Mike Novogratz, is a firm
devotee to the crypto economy, and in a meeting distributed on March 22, he
said: "Bitcoin is a lifeline to people in countries with really poor
stewardship of the economy." Damien Vanderwilt, co-president and head of
worldwide business sectors at Galaxy Digital, figures the exchange with Goldman
Sachs will open new chances.
Goldman Sachs has had a fascinating
relationship with cryptocurrencies and blockchain technology throughout the
long term. In January, previous Goldman Sachs CEO Lloyd Blankfein said that his
viewpoint on cryptocurrency is advancing. Not excessively lengthy after
Blankfein's editorial, Goldman Sachs' experts cautioned that bitcoin (BTC) was
vulnerable to the Federal Reserve's loan cost increases.

Joyashree Dey
CBW - External Analyst
INDIA