1647908322 Goldman Sachs conducts the first OTC crypto trading for a

Goldman Sachs conducts the first OTC crypto trading for a major Wall Street bank

Gene Hoffman, COO and President of Chia Network, discusses whether cryptocurrencies could be a loophole in Russian sanctions in the “Kuraman Countdown”.

Goldman Sachs carried out its first over-the-counter cryptocurrency transaction, demonstrating an important step towards its potential for more widespread adoption among major Wall Street banks.

Galaxy Digital Holdings, a global provider of blockchain and crypto financial services, said on Monday that it traded a Bitcoin-linked product called Non-Deliverable Options (NDO) with Goldman Sachs Group Inc.

Goldman Sachs conducts the first OTC crypto trading for a

File Photo: The Goldman Sachs logo will appear on the trading floor of the New York Stock Exchange (NYSE) in New York City, NY, USA on November 17, 2021. (REUTERS / Andrew Kelly / file photo)

OTC transactions, which refer to private transactions between two parties without an intermediary, are an important step in the development of cryptocurrency transactions. While major Wall Street companies have hesitated to fully adopt cryptocurrencies, the Goldman-Galaxy deal may indicate the maturity of digital assets.

Paypal, VENMO Raise Fees for Cryptocurrency Transactions Up to $ 200

Damien Vanderwilt, co-president and head of global markets at Galaxy Digital, said the deal is expected to “open the door to other banks that see OTC as a conduit for digital asset trading.”

Goldman Sachs Building

One World Trade Center is reflected in the Goldman Sachs Group Inc. headquarters building in New York, USA on Wednesday, October 12, 2016. (Photographer: Mark Kauzlarich / Bloomberg via Getty Images)

“Goldman’s continued trust in us is a testament to Galaxy’s expertise and ability to meet the evolving demands of institutions as cryptocurrencies solidify as the fifth asset class,” he said in a statement. rice field.

Goldman says Ukraine-Russian war could trigger US recession

Maxminton, Head of Asia Pacific for Goldman Sachs Digital Assets, said the transaction was a significant development in the bank’s digital asset capabilities and important for the broader evolution of its asset class.

1647908322 936 Goldman Sachs conducts the first OTC crypto trading for a

As cryptocurrencies have increased their advertising spend, brands have launched crypto themed campaigns or marketing gimmicks to take advantage of the topics surrounding cryptocurrencies. (Photo illustration by Chess Knot / Getty Images)

Andrey Kazantsev, global head of crypto trading at Goldman, told Coindesk late last year that the company sees high demand for options related to digital assets.

Click here to read FOX BUSINESS on the go

“There is increasing demand for more derivative hedging,” Kazantsev said in a panel. “The next big step we envision is the development of the options market.”