Goldman Sachs and Galaxy Digital have announced a major over-the-counter cryptocurrency transaction

Depricated as of Oct 2022

Some CRYPKYP functionalities are depricated as of October 2022 and will no longer be populated until further development and future version.
Although all here is visible and interactable you can not Contribute to those articles.
Try looking at other information on the Platform and Contributing there!

Have a great day,

Goldman Sachs and Galaxy Digital have announced a major over-the-counter cryptocurrency transaction

Goldman Sachs and Galaxy Digital have announced a major over-the-counter cryptocurrency transaction
Source: CNBC
1647989033 22 Mar / 22:43

Goldman Sachs is expanding its presence in the embryonic market for digital asset derivatives.

CNBC was the first to disclose that the firm is the first big U.S. bank to trade cryptocurrency over the counter. The two firms announced Monday that they have traded a bitcoin-linked product known as a non-deliverable option with crypto merchant bank Galaxy Digital.

Because of the nature of OTC deals, the move is considered as a significant step forward in the development of crypto markets for institutional investors. According to the firms, by acting as a principal in the trades, Goldman is taking on more risk than the exchange-based CME Group bitcoin products it began trading last year.

According to Galaxy co-President Damien Vanderwilt, the fact that Goldman Sachs is involved, a leading participant in global traditional asset markets, indicates that the asset class has matured for institutional players such as hedge funds.

“This trade represents the first step that banks have taken to offer direct, customizable exposures to the crypto market on behalf of their clients,” Vanderwilt said in an interview.

The options trades are “much more systematically relevant to markets compared to cleared futures or other exchange-based products,” Vanderwilt said. “At a high level, that’s because of the implications of the risk banks are taking on; they’re implying their trust in crypto’s maturity to date.”

Hedge funds have been looking for derivative exposure to bitcoin, either to make price bets without directly owning it or to hedge current exposure to it, according to the firms.
Crypto-native enterprises such as Galaxy, Genesis, and GSR Markets dominate the market for these securities.

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

Goldman’s global head of crypto trading Andrei Kazantsev stated in December that the bank has observed strong demand for digital asset options.

“The next big step that we are envisioning is the development of options markets,” he said.

Last News and Media
CRYPKYP contain links to third-party websites, resources, and advertisers. CRYPKYP does not control, sponsor, recommend or otherwise accept responsibility for any third-party content because we are not responsible for the availability of these outside resources or their contents or privacy practices. It will help if you direct any concerns regarding any third-party content to such a third party. We don't accept responsibility for the content of external websites linked to through the Site or the Services. Third-party content is accessed at the user's own risk. CRYPKYP distributes content from third-party publishers as indicated on the site from time to time mainly in Airdrops, News / Media, Whale Alerts, and Rumors. In these circumstances, CRYPKYP only provides limited stylistic input to the content. CRYPKYP does not verify and takes no responsibility for the accuracy of the content provided by any such third-party publishers.