In a significant milestone for the crypto industry in Asia-Pacific, DBS and Goldman Sachs have successfully completed the first over-the-counter (OTC) cryptocurrency options trade between two banks. The trade, which involved cash-settled OTC bitcoin and ether options, demonstrates the increasing adoption of risk management best practices in the crypto ecosystem. This development marks a major step forward in the maturation of crypto assets, as it enables firms offering cryptocurrency-linked products to better manage their risk exposure.
According to DBS, the bank’s clients executed over $1 billion in trades involving cryptocurrency options and structured notes in the first half of 2025. This represents a significant growth of almost 60% in trade volumes from Q1 2025 to Q2 2025. Jacky Tai, group head of trading and structuring at DBS, noted that professional investors are seeking secure and well-managed platforms to build their digital asset portfolios. In response, platforms are enhancing their risk management capabilities, and the trade with Goldman Sachs highlights the potential for banks to bring traditional finance best practices into the digital asset ecosystem.
The successful trade also signifies the development of an interbank market for cash-settled OTC cryptocurrency options, an area expected to see continued growth as institutional investors become more active in the space. Max Minton, head of digital assets in Asia Pacific at Goldman Sachs, emphasized the significance of this development, highlighting the potential for increased collaboration and innovation between traditional financial institutions and the crypto industry.
The partnership between DBS and Goldman Sachs demonstrates the growing recognition of crypto assets as a legitimate investment opportunity, and the need for robust risk management practices to support their growth. As the crypto industry continues to evolve, the development of interbank markets for OTC cryptocurrency options is likely to play a key role in facilitating greater institutional participation and mainstream acceptance. With the crypto market expected to continue growing, this milestone trade between DBS and Goldman Sachs sets the stage for further innovation and collaboration between traditional finance and the crypto industry.