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.
Fri, 01/28/2022 - 14:27
Goldman Sachs Explains Why Bitcoin Is Extremely Vulnerable to Rate Hikes
Last month, Goldman made its first over-the-counter cryptocurrency transaction with Mike Novogratz's cryptocurrency bank Galaxy Digital.
Advertisement
Vladislav Sopov