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Goldman Debuts Bitcoin-Backed Loan

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Thu, 28/04/2022 - 20:10
Goldman Debuts Bitcoin-Backed Loan
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U.S. banking giant Goldman Sachs, which has roughly $2.5 trillion worth of assets under management, has introduced a Bitcoin-backed loan, according to a Thursday report by Bloomberg. It's the latest sign that Wall Street is warming up to the nascent asset class. 

The borrower was able to secure a cash loan from a secured lending facility by offering Bitcoin as collateral, according to the report.

In December, multiple media outlets reported about Goldman's plans to offer Bitcoin-backed loans.

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Goldman Sachs Explains Why Bitcoin Is Extremely Vulnerable to Rate Hikes
Goldman became one of the first major U.S. to delve into crypto, openly a trading desk for digital currencies back in 2018. Last March, the banking behemoth decided to restart it because of significant demand.

Last month, Goldman made its first over-the-counter cryptocurrency transaction with Mike Novogratz's cryptocurrency bank Galaxy Digital.         

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