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Goldman Sachs launches over-the-counter crypto trade

By Will McCurdy

Goldman Sachs has completed its first over-the-counter (OTC) cryptocurrency derivatives trade.

The trade was made in conjunction with New York-based financial technology firm Galaxy Digital, founded by ex-Goldman partner Mike Novogratz.

The news comes after the bank first announced plans to offer bitcoin derivatives to its clients and launch a dedicated cryptocurrency trading desk in May 2021.

Galaxy, founded in 2018, claims its trading platform provides liquidity for over 100 digital assets and that it works with over 690 institutional trading counterparties.

Galaxy said this marks the first time a major US bank has offered crypto options and that they expect “the transaction to open the door for other banks considering OTC as a conduit for trading digital assets”.

The firms did not disclose the exact size of the transaction.

The news comes as more major US banks look to delve further into cryptocurrency.

Earlier this month JP Morgan invested in blockchain intelligence company TRM Labs.

“We are pleased to have executed our first cash-settled cryptocurrency options trade with Galaxy,” said Max Minton, head of digital assets for Goldman Sachs’ Asia-Pacific division. “This is an important development in our digital assets capabilities and for the broader evolution of the asset class.”

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