Crypto certainly doesn’t seem to be going anywhere — in fact, it looks like using digital currency might become even more mainstream than originally anticipated.
From U.S. president Joe Biden signing the first-of-its-kind executive order for federal agencies to begin exploring regulatory practices for crypto (including the potential creation of a coin), to Ukrainian president Volodymyr Zelensky signing a bill legalizing the crypto industry in his country amid conflict with Russia and an uptick in crypto donations, government agencies and big banks are looking towards the future with digital currency in the forefront.
Goldman Sachs seems to be ahead of the curve, making history this week by becoming the first major U.S. bank to complete an over-the-counter crypto trade.
Related: Ukraine Legalizes Cryptocurrency Industry
The trade used a non-deliverable Bitcoin-related instrument (one that is linked to Bitcoin’s price and pays out in cash) between Goldman and crypto merchant bank Galaxy Digital.
That Goldman, a top player in global markets for traditional assets, is involved is a signal of the increased maturity of the asset class for institutional players such as hedge funds, according to Galaxy co-president Damien Vanderwilt.
“This trade represents the first step that banks have taken to offer direct, customizable exposures to the crypto market on behalf of their clients,” Vanderwilt said, according to CNBC. “They’re implying their trust in crypto’s maturity to date.”
Galaxy Digital was founded by former Goldman Sachs partner Michael Novogratz.
“We are pleased to have executed our first cash-settled cryptocurrency options trade with Galaxy,” said Max Minton, head of digital assets for Goldman Asia Pacific. “This is an important development in our digital assets capabilities and for the broader evolution of the asset class.”
Bitcoin was down just shy of 1% in a 24-hour period as of late Monday afternoon and down just shy of 29% year over year at the same time.