Goldman Sachs Offers First Bitcoin-Backed Loan

Goldman Sachs Group Inc. has offered its first bitcoin-backed loan, setting another milestone in Wall Street’s adoption of cryptocurrency, Bloomberg reported Friday.

The collateral for the Bitcoin cash loan was owned by the borrower, according to a Bloomberg report. The banking giant is joining crypto-friendly banks, such as Silvergate Capital Corp., which are offering USD-denominated loans backed by bitcoin.

Goldman Sachs conducted its first OTC cryptocurrency options trading at the end of March in the form of a non-deliverable option on Bitcoin, becoming the first major US bank to do so.

After over-the-counter trading in bitcoin, the bank said it plans to expand its services to other cryptocurrencies, including ether (ETH).

Bitcoin was trading at $39,807 and ETH at $2,923 at press time.