Goldman Sachs Has Offered Its First Bitcoin-Backed Loan
Global investment bank Goldman Sachs has started offering loans backed by cryptocurrency.
As reported by Bloomberg on Thursday, the banking giant has offered its first-ever cash loan backed by Bitcoin (BTC).
A Goldman Sachs representative explained that the secured lending facility lent cash collateralized by Bitcoin owned by the borrower. She also said the deal was appealing to Goldman Sachs because of its structure and 24-hour risk management.
The bank has been increasingly friendly to crypto in the past year since it re-established its Bitcoin trading desk in March last year. The institution further believes that the metaverse presents itself as possibly a $12 trillion opportunity.
It will soon also be offering crypto investment services to its high-value clients in its private wealth management segment and is pending the necessary regulatory approvals for that.
Last week the Financial Times reported on that Goldman Sachs CEO David Solomon met with the founder and CEO of crypto exchange FTX, Sam Bankman-Fried, to discuss a potential collaboration between the two firms.
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Author: Peter Siu