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