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Goldman Sachs Is The First To Offer Bitcoin-Backed Loan

Wall Street began accepting cryptos as Goldman Sachs (GS) offered its first bitcoin-backed loans.

Goldman has allowed securing bitcoin (BTC) as collateral for a cash loan lending facility.

In an email, a Goldman spokeswoman said that they have recently allowed securing a lending facility where fiat is collateralized on BTC as the owner owns BTC. The spokeswoman further added that they have also structured 24-7-365 day risk management.

Last month, a dedicated digital asset team at Goldman traded its first over-the-counter bitcoin options to Galaxy Digital.

Goldman is emulating other traditional finance giants by accepting crypto. Cowen launched a digital assets unit, and a $400 million in funding was raised by BlackRock (BLK) for USDC stable creator Circle last month.

Earlier Thursday, a news article regarding Christene Moy, a former JPMorgan (JPM) executive, was hired by Apollo Global Management, a behemoth in private equity investment, to serve as its first digital assets strategy.