Goldman Sachs Approved Bitcoin-Backed Fiat Loan
Goldman Sachs has just approved its first Bitcoin-backed loan, indicating that Wall Street is becoming increasingly interested in crypto. A borrower was allowed to utilize BTC as collateral for a cash loan using the bank&39s secured lending program.
According to a Goldman representative, the bank recently expanded a secured loan facility in which they lent cash collateralized on BTC, with the borrower owning the BTC. They went on to say that the structure and the 24/7, 365-day risk management were the most intriguing aspects.
In related news, Goldman, which also has a specialized digital assets division, recently traded its first OTC BTC options to Galaxy Digital.
With the latest move though, Goldman seems to be following in the footsteps of other traditional banking behemoths in terms of expanding its crypto investments and portfolio.
Elsewhere, Cowen also formed a digital assets divsion in the past month, while BlackRock (BLK) recently took part in Circle&39s $400 million fundraising round.
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