Increased Interest in Cryptocurrency from Wall Street?


The answer is a definitive YES as even Goldman has realized they must adapt or be left behind

Goldman Sachs offers first Bitcoin-backed loan as Wall Street embraces crypto

“Goldman Sachs has offered its first Bitcoin- (BTC)-backed loan, in a major step forward for institutional cryptocurrency adoption on Wall Street.

A spokeswoman from Goldman told Bloomberg that the multinational investment bank had lent cash collateralized by Bitcoin owned by the borrower for the first time in Goldman Sachs’ history. She added that the deal was particularly interesting because of its structure and 24-hour risk management.

Such a loan allows for a Bitcoin holder to borrow fiat currency such as the United States dollar by fronting up to their BTC as collateral to the bank. The underlying volatility of Bitcoin can make these loans risky — if the price of Bitcoin drops too far, the borrower may be required to increase their collateral. Otherwise, they risk getting liquidated.”


Master Asked on April 29, 2022 in Cryptocurrency.
Add Comment