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
