DBS and Goldman Sachs complete first-ever interbank over-the-counter cryptocurrency options trade
Transaction reflects growing maturation of digital assets as ecosystem begins to adopt best practices of traditional asset classes
Singapore, 29 Oct 2025 - DBS and Goldman Sachs have successfully completed the first-ever over-the-counter (OTC) cryptocurrency options trade between two banks. The involvement of two trusted, well-capitalised banks in this pioneer transaction marks a new milestone in the maturation of digital assets in the region. It also demonstrates how the ecosystem is increasingly adopting risk management best practices that form the bedrock of traditional asset classes.
The transaction between DBS and Goldman Sachs involved trading cash-settled OTC Bitcoin and Ether options. Such trades enable firms which offer cryptocurrency-linked products to better manage the risk profile of their cryptocurrency exposures.
This comes at a time where there is growing demand for cryptocurrency-linked products, as accredited and institutional investors build exposure to the asset class. In the first half of 2025, DBS clients executed over USD 1 billion of trades involving cryptocurrency options and structured notes, with trade volumes growing almost 60% from Q1 2025 to Q2 2025.
Jacky Tai, Group Head of Trading and Structuring, Global Financial Markets, DBS, said: “Professional investors are seeking safe, trusted and well-managed platforms to build their digital asset portfolios. In response, platforms are stepping up to enhance their risk management capabilities. Our trade with Goldman Sachs highlights how platforms can now tap the strong credit ratings and structuring capabilities of banks to bring the best practices of traditional finance into the digital asset ecosystem.”
Max Minton, Head of Digital Assets in Asia Pacific at Goldman Sachs, said: “The trade signifies the development of an interbank market for cash-settled OTC cryptocurrency options, an area where we expect to see continued growth as institutional investors become increasingly active in this space.”
Investors intending to trade in cryptocurrency-linked products are reminded of the risks associated with such products and should carefully assess their investment objectives, risk appetite, financial situation and particular needs before making any investment decision.
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 17 consecutive years from 2009 to 2025.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
About Goldman Sachs
Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
About Goldman Sachs Digital Assets
Goldman Sachs’ Digital Assets business is focused on accelerating the potential adoption of digital assets and a blockchain-powered financial system through accessibility, education, and the development of an innovative product offering. The Digital Assets business ensures a holistic experience for Goldman Sachs clients by offering a range of capital markets solutions using blockchain technology (including GS DAP®) and a suite of crypto-linked trading products. For more information about GS DAP® visit: https://developer.gs.com/discover/gs-dap
The transaction between DBS and Goldman Sachs involved trading cash-settled OTC Bitcoin and Ether options. Such trades enable firms which offer cryptocurrency-linked products to better manage the risk profile of their cryptocurrency exposures.
This comes at a time where there is growing demand for cryptocurrency-linked products, as accredited and institutional investors build exposure to the asset class. In the first half of 2025, DBS clients executed over USD 1 billion of trades involving cryptocurrency options and structured notes, with trade volumes growing almost 60% from Q1 2025 to Q2 2025.
Jacky Tai, Group Head of Trading and Structuring, Global Financial Markets, DBS, said: “Professional investors are seeking safe, trusted and well-managed platforms to build their digital asset portfolios. In response, platforms are stepping up to enhance their risk management capabilities. Our trade with Goldman Sachs highlights how platforms can now tap the strong credit ratings and structuring capabilities of banks to bring the best practices of traditional finance into the digital asset ecosystem.”
Max Minton, Head of Digital Assets in Asia Pacific at Goldman Sachs, said: “The trade signifies the development of an interbank market for cash-settled OTC cryptocurrency options, an area where we expect to see continued growth as institutional investors become increasingly active in this space.”
Investors intending to trade in cryptocurrency-linked products are reminded of the risks associated with such products and should carefully assess their investment objectives, risk appetite, financial situation and particular needs before making any investment decision.
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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 17 consecutive years from 2009 to 2025.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
About Goldman Sachs
Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
About Goldman Sachs Digital Assets
Goldman Sachs’ Digital Assets business is focused on accelerating the potential adoption of digital assets and a blockchain-powered financial system through accessibility, education, and the development of an innovative product offering. The Digital Assets business ensures a holistic experience for Goldman Sachs clients by offering a range of capital markets solutions using blockchain technology (including GS DAP®) and a suite of crypto-linked trading products. For more information about GS DAP® visit: https://developer.gs.com/discover/gs-dap