(Bloomberg) Banking giant Goldman Sachs is pushing further into cryptocurrencies, with its first lending facility backed by Bitcoin owned by the borrower.
Goldman said it was excited by the structure of the loan, which also carries a 24-hour risk management.
The latest product is significant for Goldman, which has been accelerating its push into digital assets as Wall Street rushes to catch up with the millennial population.
Goldman offered its first over-the-counter Bitcoin in March and has already set up a digital-assets team.
The move by Goldman underlines similar expansion by various institutions to join the crypto craze. Jefferies Financial Group said it was expanding its banking services for digital asset clients
Goldman’s Bitcoin-backed loan now adds to an array of crypto-related products and services by Wall Street that include trading, wealth management, and investment banking.
BTCUSD is down -0.70%
