Goldman Sachs will start trading cryptocurrency options over-the-counter

The bank said in a statement that it traded a non-deliverable Bitcoin option, which is a derivative connected to Bitcoin’s price that pays out in cash. 

Goldman Sachs Group Inc. has completed its first over-the-counter crypto options trade, marking a significant step forward in the firm’s growth of digital asset offerings to Wall Street investors. 

According to Galaxy, this is the first time a major bank in the United States has done something like this. According to Damien Vanderwilt, co-president and head of global markets at Galaxy, the transaction will “open the door for other institutions to use OTC as a conduit for trading digital assets. 

Bitcoin was avoided by Wall Street banks for years after its inception in 2009. 

If you look about crypto today, part of the issue of the industry is that most of the actors in the sector are not players who are familiar to regulators and politicians. 

Goldman Sachs began trading non-deliverable futures, a Bitcoin-linked derivative that pays in cash. 

Goldman’s Asia Pacific head of digital assets, stated, “This represents a major advance in our digital assets capabilities and for the broader expansion of the asset class.”