Goldman Sachs offers first-ever Bitcoin-backed lending service
Investment banking giant Goldman Sachs Group Inc. is reportedly offering its first-ever lending service backed by Bitcoin as a major milestone in boosting institutional crypto adoption on Wall Street.
Goldman Sachs marks another milestone
During an interview with Bloomberg, a spokesperson from Goldman Sachs said that for the first time in the history of the banking giant, it had lent cash collateralized by BTC held by borrowers. She went on to note that the agreement was interesting for its structure and 24-hour risk management.A Bitcoin holder can use this type of loan to borrow fiat currency, such as the US dollar, by pledging their Bitcoin as collateral to the bank. However, if the price falls too low, the inherent Bitcoin volatility can make these loans risky, and the borrower may be compelled to boost their collateral, or they may be liquidated.
The major move by the baking giant signals its entry into a new business line which many crypto-specialized firms currently eye. Last month, Goldman Sachs completed its first over-the-counter (OTC) cryptocurrency transaction by joining hands with with crypto investment firm Galaxy Digital's trading unit. The upcoming merging event, which will see the Ethereum blockchain switch from Proof of Work to Proof of Stake, has also raised customer demand.
Increasing interest among Wall Street banks
Goldman Sachs is not the only banking giant seeking a solid presence in the crypto industry. Recently, the multi-trillion dollar asset management giant BlackRock had been in the headlines after it announced the launch of a blockchain-focused ETF. Before that, the firm also announced its partnership with the operator of the USDC stablecoin, Circle. American multinational independent investment bank Jefferies Financial Group Inc. is also expanding its services for crypto clients.Wealth management, trading, and investment banking are just a few of the crypto-related products and services presently available on Wall Street. According to Damien Vanderwilt, co-president of Galaxy Digital Holdings, lending to companies that supply virtual currency as collateral is the next milestone.
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