Goldman Sachs offers first bitcoin-backed loan using it as collateral

Goldman Sachs (NYSE:GS) offered its first bitcoin-backed loan amid signs that Wall Street is moving further into crypto,. As cited by Bloomberg, Goldman's secured lending facility allowed a borrower to use bitcoin (BTC-USD) as collateral for a cash loan. "We recently extended a secured lending facility where we lent fiat collateralized on BTC; BTC being owned by the borrower. The interesting piece for us was the structure and the 24-7-365 day risk management," Goldman spokeswoman cited by CoinDesk. The firm which has a dedicated digital assets team traded its first over-the-counter bitcoin options to Galaxy Digital last month. Wall Street banks are ramping up their crypto offerings after a surge in price; Jefferies Financial is expanding banking services for crypto clients, while BlackRock joined a $400M funding round in stablecoin firm Circle this month; Boutique investment bank Cowen started a digital assets unit in March.