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.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Bitcoin is again trading under the shadow of a potential yen carry-trade shock as markets…
The one-month chart shows BTC still locked inside a descending structure from early November’s highs,…
On-chain analytics firm Glassnode has pointed out how the current Bitcoin market is reminiscent to…
A softer inflation report could lower the 10-year Treasury yield and support cryptocurrencies.Read MoreCoinDesk: Bitcoin,…
Spot XRP ETFs have now attracted nearly $850 million in inflows since launching in mid-November…
Reports have disclosed that Ripple CEO Brad Garlinghouse told a Binance-hosted panel he expects Bitcoin…