Goldman Sachs Executes 1st OTC Cryptocurrency Transaction

Source: S&P Capital IQ

Goldman Sachs Group Inc. completed its first over-the-counter cryptocurrency transaction with the trading of a bitcoin non-deliverable option.

The trade, which marks the first OTC cryptocurrency transaction by a major U.S. bank, was facilitated and executed by the trading unit of Galaxy Digital Holdings Ltd., a global provider of blockchain and cryptocurrency financial services for institutions.

Damien Vanderwilt, co-president and head of global markets at Galaxy Digital, expects "the transaction to open the door for other banks considering OTC as a conduit for trading digital assets."