Goldman Sachs has started issuing loans secured in bitcoins

The bank has already issued the first such loan and used bitcoins stored in the borrower’s wallet for this

29.04.2022 - 11:25

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What’s new? US investment bank Goldman Sachs has issued its first loan secured by bitcoins. According to a bank spokesman, bitcoins stored in the borrower’s wallet were used as collateral. The deal interested Goldman Sachs for its format and round-the-clock risk management mechanism. It is reported by Bloomberg.

Bloomberg’s material

Which banks offer similar loans? In March, Silvergate Bank made a $205 million loan to MicroStrategy’s subsidiary, secured by bitcoins held on MacroStrategy’s balance sheet.

What had happened before? In March, Goldman Sachs began over-the-counter cryptocurrency trading. The company representatives stated that the bank entered into a bitcoin-based non-deliverable option deal with Galaxy Digital.

In April, Mary Catherine Rich, global head of digital assets for the bank’s private wealth management division, announced that Goldman Sachs would offer investments in cryptocurrencies to its clients in 2022.

Mathew McDermott, head of the bank’s digital assets department, at a summit on cryptocurrencies organized by the Financial Times, reported that Goldman Sachs began exploring NFTs in the context of financial instruments, in particular, the tokenization of real assets.

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