International investment bank Goldman Sachs implemented an Over the Counter crypto trade, becoming the first large US bank to do so. Galaxy Digital, a blockchain, and crypto-focused financial services institution, revealed that its trading unit has made the transaction easier in the form of a BTC option.
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Goldman keeps adding crypto offerings. This step is of great importance for development and institutional adoption. OTC is a securities trading process through a broker-deal network instead of a centralized exchange.
Goldman Sach's collaboration with Galaxy Digital began in June 2021 when the companies announced teaming up for future cash-settled bitcoin transactions.Galaxy co-president Damien Vanderwilt said the company continues to strengthen relationship withGoldman Sachs to meet growing demands by institutions in crypto.
In an interview with CNBC, he mentioned that the trade shows that banks are taking steps to offer their customers direct exposure to the industry.