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U.S. bank Goldman Sachs made the leap into cryptocurrency with a first-ever over-the-counter trade (OTC) with its business partner and New York-based crypto investment firm Galaxy Digital. The transaction was in the form of a bitcoin-deliverable option, meaning Goldman will receive a cash settlement when the trade matures. An over-the-counter transaction means no exchange was involved.

Goldman and Galaxy Digital’s business relationship began in June 2021, with Galaxy Digital facilitating Goldman’s first CME Group Inc. Bitcoin futures transaction. Both parties expect their new OTC transaction to attract more institutional investors into the crypto space. Goldman and Galaxy aim to keep expanding their digital asset capabilities while growing in the traditional market space.

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