David Solomon

Goldman Sachs offers first Bitcoin-backed loan

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Goldman Sachs Group Inc. offered its first Bitcoin-backed loan, setting another milestone in Wall Street’s cryptocurrency adoption, Bloomberg reported on Friday.

See related article: Crypto milestone on Wall St.: Goldman Sachs makes OTC Bitcoin trade 

Fast facts

  • The cash loan’s Bitcoin collateral was owned by the borrower, according to the Bloomberg report.
  • The banking giant joins crypto-friendly banks such as Silvergate Capital Corp. that are offering Bitcoin-backed U.S.-dollar loans.
  • Goldman Sachs made its first over-the-counter crypto options trade in late March in the form of a Bitcoin non-deliverable option, to become the first major U.S. bank to do so.
  • Following the Bitcoin OTC trade, the bank said it was planning to extend its service into other cryptocurrencies, including Ether (ETH).
  • Bitcoin was trading at US$39,807, while ETH was trading at US$2,923 at press time. 

 See related article: Goldman Sachs: Bitcoin could reach $100K price by beating gold

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