DBS, Goldman Sachs (GS) Execute First Over-the-Counter Interbank Crypto Options Trade
DBS and Goldman Sachs executed the first interbank over-the-counter cryptocurrency options trade, involving cash-settled bitcoin and ether options.Summary
DBS and Goldman Sachs (GS) successfully executed the first-ever over-the-counter (OTC) cryptocurrency options trade between banks, a significant development for institutionalizing digital assets in Asia. The transaction involved cash-settled bitcoin and ether options, allowing the banks to hedge exposure related to crypto-linked products, mirroring established practices in traditional finance.
This milestone occurs amid rising demand for digital asset derivatives; DBS reported over $1 billion in crypto options and structured note trades for its clients in the first half of 2025 alone. Jacky Tai of DBS stated the trade highlights how platforms can leverage banks' strong credit ratings and structuring capabilities to integrate traditional finance best practices into the digital asset ecosystem.
Max Minton of Goldman Sachs noted that the deal signifies the development of an interbank market for cash-settled OTC crypto options, anticipating continued growth as institutional activity increases. The transaction underscores the trend of regulated banks bridging traditional finance and crypto markets using familiar tools.
(Source：CoinDesk)