Goldman Sachs offers first Bitcoin-backed loan
Goldman Sachs Group Inc. offered its first Bitcoin-backed loan, setting another milestone in Wall Street’s cryptocurrency adoption, Bloomberg reported on Friday.
See related article: Crypto milestone on Wall St.: Goldman Sachs makes OTC Bitcoin trade
Fast facts
The cash loan’s Bitcoin collateral was owned by the borrower, according to the Bloomberg report.
The banking giant joins crypto-friendly banks such as Silvergate Capital Corp. that are offering Bitcoin-backed U.S.-dollar loans.
Goldman Sachs made its first over-the-counter crypto options trade in late March in the form of a Bitcoin non-deliverable option, to become the first major U.S. bank to do so.
Following the Bitcoin OTC trade, the bank said it was planning to extend its service into other cryptocurrencies, including Ether (ETH).
Bitcoin was trading at US$39,807, while ETH was trading at US$2,923 at press time.
See related article: Goldman Sachs: Bitcoin could reach $100K price by beating gold