Using cryptocurrencies as collateral for a cash loan was permitted by the global investment bank.
One of Wall Street’s most well-known institutions, Goldman Sachs (GS), has made its first bitcoin-backed loan, Bloomberg reports.
A borrower might use bitcoin (BTC) as collateral for a cash loan through Goldman’s secured lending programme. Due to the agreement’s structure and built-in risk management, a Goldman spokesperson said the offer was appealing.
First over-the-counter bitcoin options were exchanged between Goldman and Galaxy Digital last month, which has a specialized digital asset team.
A follow-up question to Goldman was not immediately answered.
Goldman is following in the footsteps of other conventional financial behemoths that are going farther into the world of cryptocurrency. It was just last month that Cowen formed a digital assets unit, while BlackRock (BLK) joined in the $400 million fundraising round for Circle, the stablecoin originator.
Christine Moy, a former JPMorgan (JPM) employee, has been appointed as Apollo Global Management’s first head of digital asset strategy.
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