DBS Teams With Goldman Sachs for Debut OTC Interbank Crypto Options Trade

DBS and Goldman Sachs Complete First Interbank Crypto Options Trade

DBS and Goldman Sachs have executed the first-ever over-the-counter (OTC) cryptocurrency options trade between banks, signaling growing institutional maturity in Asia’s digital asset markets.

The trade involved cash-settled bitcoin (BTC) and ether (ETH) options, allowing the two banks to hedge exposure to crypto-linked products through regulated structures similar to those long used in traditional finance. These customizable OTC contracts are designed to meet professional investors’ demand for flexible and transparent risk management.

DBS said its clients traded more than $1 billion worth of crypto options and structured notes in the first half of 2025, with volumes rising nearly 60% quarter-on-quarter, underscoring increased appetite for regulated digital-asset products.

“Professional investors are seeking trusted and well-governed venues to build exposure to digital assets,” said Jacky Tai, Head of Trading and Structuring at DBS. “This trade with Goldman Sachs showcases how banks can bring traditional finance standards into the digital asset ecosystem.”

Goldman Sachs’ Head of Digital Assets for Asia Pacific, Max Minton, called the deal a milestone for the sector. “This transaction marks the evolution of an interbank market for cash-settled OTC crypto options — a space we expect to see grow rapidly as institutional participation deepens.”

The trade reflects a broader push by regulated institutions to bridge traditional finance and crypto, using familiar instruments such as options, swaps, and structured notes. Analysts say the move could accelerate the standardization of risk, liquidity, and compliance frameworks across Asia’s emerging digital asset landscape.