Key Takeaways:
- Goldman Sachs to become the first bank to deal with over-the-counter crypto trading.
- The bank is ready to take risks involved in this step for future development.
The crypto market is evolving every day. All crypto supporters are trying to draw the crowd towards the market. In an attempt to do so, large organizations offer facilities to make it more available to people.
One such step has been taken by the US Bank, Goldman Sachs. It will soon announce the launch of its trade of over-the-counter crypto transactions. It will be the first of its kind. To take its development of digital assets into the market, the bank has partnered with Galaxy Digital and has sold a bitcoin-linked instrument, a new non-deliverable option.
The OTC (Over-the-counter) crypto trading means an exchange of cryptocurrencies and Bitcoin between two parties without the involvement of a mediator. The trading for one type of digital currency for another is also allowed.
This colossal step will bring in massive growth for investors. It will also reveal the bank’s Bitcoin trade into the market instead of its customers. However, there are significant risks involved as well.
The Co-president of Goldman, Vanderwilt, finds this step as relevant for growth into the market and exchange-based products despite the uncertainties involved. It will open the path for other financial institutions to enter the crypto world and will replace the conventional trading process that was slow and inconvenient.
