Goldman Sachs has claimed it has completed the first ever over-the counter (OTC) cryptocurrency options trade between two banks with Singapore-based DBS.

The transaction between DBS and Goldman Sachs involved trading cash-settled OTC Bitcoin and Ether options.

Goldman Sachs said that this type of trade enables firms which offer cryptocurrency-linked products to better manage the risk profile of their cryptocurrency exposures.

It added that the trade demonstrates the growing maturation of digital assets as the ecosystem begins to adopt the best practices of traditional asset classes.

According to the banks, the trade comes at a time where there is growing demand for cryptocurrency-linked products, as accredited and institutional investors build exposure to the asset class.

In the first half of 2025, DBS said its clients executed over $1 billion of trades involving cryptocurrency options and structured notes, with trade volumes growing almost 60 per cent from Q1 2025 to Q2 2025.

DBS is a leading financial services group in Asia, with a presence in 19 markets.

“The trade signifies the development of an interbank market for cash-settled OTC cryptocurrency options, an area where we expect to see continued growth as institutional investors become increasingly active in this space,” said Max Minton, head of digital assets in Asia Pacific at Goldman Sachs.

Jacky Tai, group head of trading and structuring, global financial markets at DBS said that the move comes as professional investors seek “safe, trusted and well-managed platforms” to build their digital asset portfolios.

“In response, platforms are stepping up to enhance their risk management capabilities,” continued Tai. “Our trade with Goldman Sachs highlights how platforms can now tap the strong credit ratings and structuring capabilities of banks to bring the best practices of traditional finance into the digital asset ecosystem.”

In April, Deutsche Bank conducted its first euro-denominated cross-border payment via blockchain in partnership with DBS.

Deutsche Bank acted as the settlement bank and DBS acted as the beneficiary bank.

The transaction was conducted via blockchain platform Partior, which Deutsche Bank part owns after an investment in the company’s Series B funding round in 2024.

Deutsche Bank said it collaborated with DBS, which is also a founding shareholder of Partior, to ensure that the blockchain network was interoperable with traditional rails.

This enabled the payment to be executed across different financial market infrastructures, which the bank explained demonstrates the potential of blockchain technology to complement existing rails.

A group of ten major international banks recently announced they are exploring the potential of issuing a 1:1 reserve-backed digital currency.

The group of banks includes Banco Santander, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG Bank Ltd, TD Bank Group and UBS.

Earlier this month, BNP Paribas said that the digital currency will provide a stable payment asset available on public blockchains, focused on G7 currencies.

G7 currencies include those issued in the US, Canada, UK, Germany, France, Italy and Japan.

The aim of the initiative is to assess whether a new sector-wide offering could deliver the benefits of digital resources and strengthen competition in the market while ensuring full compliance with regulatory requirements and risk management practices.

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