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Goldman Sachs Helps Bitcoin Take a Major Step

Goldman Sachs on Monday took a big step toward the possible wide adoption of bitcoin among institutional investors, such as hedge and pension funds. 

A step that will undoubtedly reassure some big investors, many of whom are still very reluctant to invest in cryptocurrencies and in particular in bitcoin, the first digital currency in terms of market share.

Goldman Sachs  (GS) – Get Goldman Sachs Group, Inc. Report, one of the big names in traditional finance, said on Monday that it has just carried out its first over-the-counter (OTC) crypto options trade.

The firm traded a bitcoin-linked instrument called a non-deliverable bitcoin option (NDO), which is a derivative tied to bitcoin’s price that pays out in cash, Goldman Sachs said.

Options are used by crypto investors to hedge risks or boost yields, and over-the-counter transactions are larger trades negotiated privately.

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

The transaction carried out by Goldman Sachs was facilitated by Galaxy Digital, a company that invests in crypto and especially in bitcoin.

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