Goldman Sachs, Galaxy Digital execute first over-the-counter crypto trade

Goldman Sachs (NYSE:GS) has expanded further into the digital asset derivatives market after executing its first over-the-counter crypto trade with Galaxy Digital (OTCPK:BRPHF), CNBC reported Monday. Specifically, Goldman (GS) traded a non-deliverable option, an instrument tied to bitcoin (BTC-USD), with Galaxy Digital (OTCPK:BRPHF), the two asset managers told CNBC. “This trade represents the first step that banks have taken to offer direct, customizable exposures to the crypto market on behalf of their clients,” Galaxy co-president Damien Vanderwilt told CNBC during an interview. The option trades are “much more systematically-relevant to markets compared to cleared futures or other exchange-based products,” Vanderwilt added. “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.” Looking at crypto prices, bitcoin (BTC-USD -0.6%) is down slightly to $41.2K, while ethereum (ETH-USD +1.1%) inches up to $2.9K. Earlier in March, Goldman Sachs sought to expand