Goldman Sachs Offers Its First Bitcoin-Backed Loan: Report

Wall Street investment banking giant Goldman Sachs Group Inc GS has reportedly offered its first Bitcoin BTC/USD-backed loan.

What happened: According to a report from Bloomberg on Thursday, the bank had loaned borrowers cash backed by Bitcoin.


“The deal was interesting to Goldman because of its structure and round-the-clock risk management,” a Goldman spokesperson told Bloomberg via email.

In May, Goldman reopened its crypto trading desk two years after its closure. At the time, the company was also said to be investigating a Bitcoin exchange-traded fund.

Goldman now offers traders Bitcoin and Ethereum ETH/USD derivative products and has been actively expanding its range of crypto-related product offerings.

Several other major financial institutions have also ramped up their exposure to Bitcoin and the crypto space. Last month, Benzinga reported that Morgan Stanley MS had actively increased its stake in the world’s largest Bitcoin fund, the Grayscale Bitcoin Trust GBTC. The company is now the fund’s largest shareholder, after Cathie Wood’s ARK Invest.

Price Action: According to data from Benzinga Pro, BTC was trading at $39,800, up 0.62% in 24 hours.

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