Banking giant Goldman Sachs offered its first bitcoin-backed coin to a client. This marks the slow mainstream adoption of the crypto industry in Wall Street.
“We recently extended a secured lending facility where we lent fiat collateralized on BTC; BTC being owned by the borrower,” said a Goldman spokeswoman.
That is the bank’s secure lending facility, which provided a client with a loan and allowed them to utilize Bitcoin as collateral.
The spokeswoman also said that the interesting part of this deal is its structure and the 24/7 year round risk management.
Goldman Sachs is a global investment bank and financial services firm. The firm caters to a large clientele. A few weeks ago, the bank became the first giant financial institution to trade crypto over the counter. Goldman Sachs entered the digital assets-based derivatives market with crypto merchant bank Galaxy Digital.
The bank also gradually plans to launch cash-settled Ether trading options, which could be credited to institutional clients seeing Ether as “more of an investable asset class”.
