Industry media outlet reports on the 21st of June that Crypto investment bank Galaxy digital is expanding its trading businesses, now offering cryptocurrency options contracts.
Galaxy Digitals new initiative was made in response to the institutional investors increasing demand to hedge the high volatility that is a calling card of crypto assets.
Galaxy Digital global head of business development Yoshi Nakamura, stated in an interview Crypto related businesses such as lenders and mining firms have recently been showing more interests to crypto options. Nakamura refused to reveal numbers about the growth of the business. The report also states that Galaxy Digital is not the only firm offering crypto options.
“Galaxy isn’t alone in offering options. Other over-the-counter trading operations such as Akuna Capital and Cumberland have also written options contracts for counter-parties. Overall, the market for cryptocurrency derivatives products – options, futures, swaps, contracts for differences – has been growing over the past year. Several firms have launched new businesses in the space or are looking to enter the market.”