Goldman Sachs (a US-based investment bank) is continuously expanding its crypto trading strategy by running its initial OTC (over-the-counter) crypto trading. Goldman Sachs started its earliest OTC crypto transfer in association with Galaxy Digital (Michael Novogratz’s crypto investment platform).
As per a mutual declaration that was made on Monday, the respective OTC transfer was in a non-deliverable option of BTC (Bitcoin), denoting one of the earliest OTC crypto transfers done by the prominent US-based bank. Max Minton – the head of digital assets for the Asia Pacific at Goldman Sachs – expressed to be thrilled on having executed their initial cash-settled options trade of cryptocurrency with having Galaxy as their partner.
He mentioned that the respective development signifies a noteworthy milestone in the virtual assets-related capabilities of Goldman Sachs as well as in the case of the wider industry’s evolution. The exclusive partnership between Galaxy Digital and Goldman Sachs additionally indicates an extension of the collaboration between Galaxy and the bank to enhance the crypto capabilities thereof. As reported formerly, Galaxy assisted in the launch of the Bitcoin futures product of Goldman Sachs for CME Group during 2021’s June.
As per the data published by the US Securities and Exchange Commission (SEC), Goldman Sachs additionally provides its consumers with exposure to ETH (Ether) via the Ethereum Fund of Galaxy Digital. It was formerly reported that Goldman Sachs is linking customers to the ETH fund of Galaxy Digital. The platform has also increased its investments in the asset class market. For example, the venue participated in a funding round of Anchorage with a valuation of $350M.
Damien Vanderwilt – the co-president of Galaxy Digital – also voiced analogous comments and mentioned being delighted about making their connection more solid. He moved on to disclose that the respective step would pave the way for the rest of the banks that perceive OTC to be a conduit for digital assets’ trading. Goldman Sachs counts to be among the largest conventional financial organizations across the United States that are engaged with the industry of cryptocurrency.
The financial platform is famous for its support for Circle, the blockchain technology company dealing with USDC (USD Coin), the second-biggest stablecoin in terms of market capitalization. In the previous year, a historic step was taken on the behalf of Goldman Sachs into the burgeoning industry, releasing its initial trading services regarding Ether and BTC derivatives.