The financial institution Goldman Sachs, together with the financial services firm Galaxy Digital, executed its first Bitcoin options transaction on the stock market. The information was provided by CoinDesK: “The company executed its first OTC cryptocurrency transaction from a bank in the US, produced in collaboration with the trading unit of the crypto investment management firm owned by Michael Novogratz.”

In the crypto world, an OTC trade refers to the process of trading securities through an independent network of brokers. The OTC tool may comprise investment instruments that may or may not be listed on a stock exchange and are held privately. Different investors use them as a means of hedging or to amplify their returns.

Damien Vanderwilt, Co-President and Head of Global Markets at Galaxy Digital, said: “We are pleased to strengthen our relationship with Goldman Sachs and hope that this transaction will open the door for other banks to consider the OTC market as an avenue for cryptocurrency trading.”

From the perspective of Galaxy Digital, OTC operations manifest the adoption and maturation of cryptocurrencies in the financial sector, specifically in the case of Goldman Sachs, it means an expansion of its strategy around this asset class.

Entering the crypto market

The tool known as fututo has been increasing in the world of cryptocurrencies because it allows greater performance and predictability in volatile markets such as the crypto ecosystem.

As will be recalled, Goldman Sachs in the middle of last year also established an alliance with Galaxy Digital to obtain quotes on BTC futures purchase orders through the CME exchange.

Since then, the financial group has been providing liquidity for block transactions in CME Group. By 2021, the bank will also reopen its cryptocurrency trading desk, which had closed in 2018, due to growing demand from multiple institutional clients.

M. Rodríguez

Source: iproup.com

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