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Goldman Debuts Bitcoin-Backed Loan

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Thu, 04/28/2022 - 20:10
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Alex Dovbnya
Goldman Sachs has extended its cryptocurrency push by offering a Bitcoin-backed loan
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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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.