Goldman Sachs has announced that Galaxy Digital has reached a milestone in the cryptocurrency trade

Goldman Sach is pushing digital assets-related products into the early market.

The company was the first major bank in the US to trade crypto currency, CNBC reported. Goldman trades Bitcoin-enabled device with Crypto Merchant Bank’s Galaxy Digital Option, the two companies announced on Monday.

The move is a significant step forward in expanding the cryptocurrency market for institutional investors, in part due to OTC trade. Goldman said the bank has become a major threat to its core business since its launch last year, compared to the CME group that started trading.

That Goldman is a major player in the global asset market, a sign of increased maturity for institutional players such as Galaxy President Damien Vanderwilt, such as the hedge fund.

“This trade represents the first step that banks have taken on behalf of their customers to provide the crypto market with direct, customizable exposure,” Vanderwill said in an interview.

The Goldman Sachs Group Ink logo was displayed on the New York Stock Exchange Wednesday, May 19, 2010 in New York, USA.

Daniel Aker | Bloomberg | Getty Images

Alternative trades “are significantly more strategically relevant to the market than pure futures or other exchange-based products,” Vanderwit said. “Significantly, this is due to the risk that banks are taking; they still show their confidence in crypto maturity.

The companies say they are seeking direct exposure to bitcoin to make prices lower or to reduce the risk of hacking. The market for these devices is dominated by crypto-native companies, including Galaxy, Genesis and GSR Markets.

“We are delighted to have launched our first crypto application options with Galaxy,” said Max Minton, head of Goldman Asia Pacific Digital Resources. “This is an important development for our digital assets capabilities and for the wider evolution of the asset segment.”

Goldman International crypto trading chief Andre Kazanzev said in December that the bank was “very interested” in digital assets.

“The next big step we are considering is the development of the alternative market.”


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