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Goldman Sachs, Galaxy Digital Announce Milestone OTC Crypto Trade
The Wall Street giant bought an OTC Bitcoin non-deliverable option (NDO) from Mike Novogratz’s Galaxy Digital (GLXY). While an OTC Bitcoin NDO sounds complicated, it essentially means Goldman Sachs bought a contract betting on the future price of Bitcoin – rather than actually buying the digital asset itself.
Stablecoins Shine as Safe Haven Crypto Assets
In recent months, BTC hasn’t acted as a safe haven asset at all, having tracked more closely with risk-on assets, like tech and growth stocks. This could evolve with BTC decoupling from traditional markets and maturing into a safe-haven asset, but for now, a different crypto asset is fulfilling that role: stablecoins.
State Street Partners With Copper For Crypto Offerings
The Boston-based bank expects to have the infrastructure available to its institutional clients by the end of this year, representing just one part of the firm’s expansion into crypto that included launching a dedicated digital division in June.