Goldman Sachs Group Inc. executed its first OTC crypto transaction in the form of a bitcoin non-deliverable option (NDO).
Galaxy Digital’s Head of Global Markets Believes ‘Transaction Will Open the Door for Other Banks’
As far as the OTC crypto settlement operation with Galaxy, Goldman executive Max Minton says the executed transaction is a milestone. In a press statement Minton said: This is an important development in our digital assets capabilities and for the broader evolution of the asset class. The announcement notes that Galaxy helped Goldman Sachs facilitate its first CME Group Inc. Bitcoin Futures transaction last year. Galaxy’s founder, Mike Novogratz, is a firm believer in the crypto economy, and in an interview published on Tuesday, he: “bitcoin is a lifeline to people in countries with really poor stewardship of the economy.” Damien Vanderwilt, co-president and head of global markets at Galaxy Digital, thinks the transaction with Goldman Sachs will open new doors.
“[We] expect the transaction to open the door for other banks considering OTC as a conduit for trading digital assets,” Vanderwilt said in a statement. “Goldman’s continuing trust in us is a testament to Galaxy’s expertise and ability to meet the evolving demands by institutions as crypto solidifies itself as the fifth asset class.”
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