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Goldman Sachs Makes Its First Bitcoin-Backed Loan: Report

Brandy Betz - CoinDesk
2022-04-28 20:41
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 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 is following in the footsteps of other traditional finance giants moving further into crypto. Last month, Cowen launched a digital assets unit and BlackRock participated in the $400 million funding round for USDC stablecoin creator Circle.
  • And earlier today, news broke that private equity investment behemoth Apollo Global Management had hired former JPMorgan executive Christine Moy to serve as its first head of digital assets strategy.
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