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 rose 0.8% to around $82,700 as China’s GDP beat estimates and Nasdaq futures rebounded,…
Your look at what's coming in the week starting Oct. 19.Read MoreCoinDesk: Bitcoin, Ethereum, Crypto…
A bitcoin wallet dormant since 2013 moved 411 BTC, now worth about $34 million. It…
Bitcoin, Nasdaq futures and Asian stocks rally as stronger-than-expected China GDP and falling oil prices…
Wall Street's fear gauge, the VIX index, spiked on Friday as stocks dropped. History says…
TL;DR: Babylon Labs has advanced a proposal to bring native Bitcoin collateral to Aave V4…