Goldman Debuts Bitcoin-Backed Loan

AnalysisGoldman Debuts Bitcoin-Backed Loan



Alex Dovbnya

Goldman Sachs has extended its cryptocurrency push by offering a Bitcoin-backed loan

U.S. banking giant Goldman Sachs, which has roughly $2.5 trillion worth of assets under management, has introduced a Bitcoin-backed Bitcoin 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.

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.         



Learn more

Latest news

XRP Lost 50% of What It Gained in Last 12 Days, Here’s Main Reason Why

Arman Shirinyan XRP is losing most of its gains, and upward reversal remains unlikely scenario Contents Half of what has been...

Cardano (ADA) to Start Trading on Japan’s Bitbank Exchange

Alex Dovbnya Yet another Japanese exchange is on track to add support for the Cardano (ADA) cryptocurrency Tokyo-based cryptocurrency...

GSBN Adopts Blockchain to Share Shipping Data with Financial Insitutiotns

Within 20 minutes, Global Shipping Business Network (GSBN) is able to undertake a pilot transaction of unifying the...

First Mover Asia: Bitcoin Holds Strong Over $19K; Why Is the Dollar Dominating?

The largest cryptocurrency by market capitalization has weathered severe macroeconomic uncertainty in recent weeks to maintain its current...

SHIB Burn Rate Surges 103% as Mysterious Wallets Destroy Enormous Sum in Shiba Inu

Yuri Molchan Shiba Inu community has disposed of another large amount of SHIB, pushing burn rate high Shibburn tracking service...

Must read

XRP Lost 50% of What It Gained in Last 12 Days, Here’s Main Reason Why

Arman Shirinyan XRP is losing most of its gains,...

Cardano (ADA) to Start Trading on Japan’s Bitbank Exchange

Alex Dovbnya Yet another Japanese exchange is on track...

You might also likeRELATED
Recommended to you