Goldman Sachs offered its first bitcoin-backed loan. This was first reported by Bloomberg.
The bank’s secured line of credit allowed the borrower to use bitcoin (BTC) as collateral for a cash loan.
“We recently expanded the secured lending facility where we lent fiat against BTC; BTC is owned by the borrower. The interesting part for us was the structure and risk management of 24-7-365,” said a bank representative.
Last month, Goldman Sachs conducted its first bitcoin over-the-counter transaction with Galaxy Digital.