Goldman Introduces Bitcoin Backed Loan
Goldman Sachs has expanded its cryptocurrency push by offering a Bitcoin-backed loan
US banking giant Goldman Sachs, which has approximately $2.5 trillion in assets under management, has introduced a Bitcoin-backed Bitcoin loan, according to a Thursday report by Bloomberg. It is the latest sign that Wall Street is warming to the emerging asset class.
According to the report, the borrower was able to obtain a cash loan from a secured loan facility by offering Bitcoin as collateral.
In December, multiple media outlets reported on Goldman’s plans to offer Bitcoin-backed loans.
Goldman became one of the first major US to delve into crypto, openly a digital currency trading desk in 2018. Last March, the banking giant decided to restart it due to high demand.
Last month, Goldman made its first over-the-counter cryptocurrency transaction with Mike Novogratz cryptocurrency bank Galaxy Digital.