Goldman Sachs Makes Its First Bitcoin-Backed Loan

The global investment bank allowed a borrower to use the cryptocurrency as collateral for a cash loan.Read MoreFeedzy

Goldman Sachs (GS) has offered its first bitcoin-backed loan, according to a Bloomberg report, in the latest sign that Wall Street is moving further into crypto.

Goldman’s secured lending facility allowed a borrower to use bitcoin (BTC) as collateral for a cash loan. A Goldman spokeswoman told Bloomberg the deal was attractive due to the structure and built-in risk management.

Goldman, which has a dedicated digital assets team, traded its first over-the-counter bitcoin options to Galaxy Digital last month.

Goldman did not immediately respond to a request for additional detail.

Goldman is following in the footsteps of other traditional finance giants moving further into crypto. Last month, Cowen launched a digital assets unit and BlackRock (BLK) participated in the $400 million funding round for USDC stablecoin creator Circle.

Earlier Thursday, news broke that private equity investment behemoth Apollo Global Management had hired former JPMorgan (JPM) executive Christine Moy to serve as its first head of digital assets strategy.

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