Monday, December 11, 2023

Goldman Sachs Completed Its 1st OTC Crypto Option Trade With Galaxy

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Goldman Sachs completed its 1st OTC crypto trading option with Galaxy while the latter facilitated the launch of the company’s BTC futures trading product for the CME Group in June 2021 as we reproted in our cryptocurrency news.

The American Investment Bank Goldman Sachs completed its first crypto OTC trading option and continues to expand its trading expertise even further. The bank executed its first OTC crypto transaction in collaboration with the trading unit of Galaxy Digital. According to a joint announcement on Monday, the OTC transaction was in the form of a BTC NDO or a non-deliverable option which represents one of the first crypto transactiosn by a major bank in the US. The head of the digital asset for Asia Pacific Max Minton said:

“We are pleased to have executed our first cash-settled cryptocurrency options trade with Galaxy.”

Mike Novogratz’s Company, galaxy digital, bitgo, crypto

He also noted that the development marks an important milestone for the company’s digital asset capabilities and the broader evolution of the asset class. The latest collaboration between Goldman Sachs and Galaxy Digital represents a continuation of the bank’s partnership with Novogratz’s company to improve its crypto capabilities. Galaxy facilitated the launch of the BTC futures trading product for CME Group in 2021. The Galaxy Digital co-president Damien Vanderwilt said:

“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.”

As recently reported, The reports emerged after the regulatory documents filed with the US SEC popped up. The SEC displayed that it listed Goldman Sachs as a beneficiary of the charges which are required to be made for letting clients have access to the Ethereum fund. In the strategy, Goldman Sachs will offer ethereum funds and it will get an introduction fee for referring the clients to Galaxy’s Ethereum fund according to the recent SEC filing.

Galaxy Digital Holdings LTD is a US-operated financial provider which was founded by Mike Novogratz. The company is responsible for providing liquidity to Goldman’s BTC future trade and this digital blockchain investment company has a similar arrangement with Morgan Stanley as well.

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