Goldman Sachs partners with Galaxy Digital to complete its first OTC crypto options trade

American investment banking giant Goldman Sachs, which recently called Gold the poor man’s crypto, seems to be determined on its mission of massive expansion in crypto trading expertise. It has completed its first over-the-counter (OTC) crypto options trade.

The company has executed its first OTC crypto options trade by partnering with the trading unit of crypto investment management firm Galaxy Digital. As per the joint announcement on Monday, the transaction was in the form of a non-deliverable option in Bitcoin, signaling one of the first OTC crypto transactions by a major bank in the U.S.

Asia Pacific head of digital assets at Goldman Sachs, Max Minton talked about the achievement by stating:

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

He went on to add that the development marks a major milestone in the company’s digital assets capabilities and for the “broader evolution of the asset class.”

Goldman partnering with Galaxy is nothing new

Goldman Sachs’ recent collaboration with Galaxy Digital is also a part of the bank’s ongoing partnership with Galaxy to develop its crypto capabilities.

Galaxy facilitated the debut of Goldman Sachs’ Bitcoin futures trading product for CME Group in June 2021, as previously announced. Goldman Sachs also offers its customers exposure to Ethereum (ETH) through Galaxy Digital’s Ethereum Fund, according to data from the US Securities and Exchange Commission.

Galaxy Digital co-president Damien Vanderwilt remarked, “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.”

Notably, Galaxy Digital has been also increasing its presence in the crypto industry. In November, as TheCoinRise reported, Galaxy Digital reported amazing Q3 performance with strong trading results.