Goldman Sachs Makes Its First Bitcoin-Backed Loan
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.
Recent Posts
Lombard Finance Launches Toolkit to Unlock Bitcoin’s $154B DeFi Opportunity
Lombard Finance, a Bitcoin infrastructure developer, has launched a software development kit (SDK) that allows…
Crypto Daybook Americas: Bitcoin Loses Allure to Gold as Economic Concerns Rise
By Francisco Rodrigues (All times ET unless indicated otherwise) President Donald Trump’s “reciprocal tariffs” announcement…
Bitcoin, Gold, and the Minsky Moment: Novogratz on the End of Fiscal Complacency
The "Minsky Moment" is here, according to Mike Novogratz, CEO of Galaxy Digital, in a…
Auradine Raises $153M Series C for Bitcoin Mining, AI Data Center Networking
Auradine, a maker of computing equipment for bitcoin (BTC) mining and AI applications, said it…
Bitcoin Sentiment Still Close To Extreme Fear—Green Sign For Recovery?
Data shows the Bitcoin sentiment is currently not far from the extreme fear region, something…
Bitcoin and U.S. Equities Show Early Signs of Fading Correlation
Wednesday’s price action between bitcoin (BTC) and U.S. equities caught investors’ attention highlighting early signs…