Goldman Sachs Reveals First Ever BTC-Backed Loan Option

According to a report from Bloomberg, released on Thursday, international finance giant Goldman Sachs has made a Bitcoin-specific cash loan available to its clients. This is a move indicative of the more traditional section of the finance world being more open to Blockchain-based services and trading opportunities.

The option is secured, according to a bank representative, as a cash loan collateralized by bitcoin from the borrower’s wallet. She went on to state that Goldman Sachs was also interested in the sale because of its framework and 24-hour risk evaluation. In recent times, Goldman Sachs as well as the greater traditional finance industry has shown rising attention to Blockchain technologies. Just last month, Goldman Sachs did a spread on digitalization, the metaverse, and cryptocurrencies on the company website. They projected the metaverse to become a staggering $8 trillion business opportunity.

Goldman Sachs Has Been Aiming Toward a More Blockchain Inclusive Ecosystem

In March of last year, Goldman Sachs officially reopened its bitcoin trading department. Following this, a Blockchain marketing department was founded in May, and trading of BTC alternatives commenced. A month later, Goldman Sachs added Ether futures and options to its cryptocurrency trading desk. All this innovation led to the bank finalizing its first OTC crypto transaction in March of this year.

Ronald Henderson

Ronald has worked in the computer industry for 5 years when he decided to stand on his own and start his own firm, and he's never looked back. A real hard-worker and go-getter, he is a powerful leader and has made quite a name for himself in the industry. Born and raised in Pennsylvania, he still resides there with his wife and two kids, Mark and Gene. He believes that simplicity is the key to everything in life, including writing, and loves to make his content engaging and easy to understand for all audiences - even those who aren’t necessarily from a technical background.