Goldman Sachs Offers Its First Bitcoin-Backed Loan: Report

Wall Street investment banking giant Goldman Sachs Group Inc GS has reportedly offered its first Bitcoin BTC/USD backed loan.

What Happened: According to a report from Bloomberg on Thursday, the bank had lent borrowers cash collateralized by Bitcoin.

See Also: HOW TO BUY BITCOIN (BTC)

“The deal was interesting to Goldman because of its structure and 24-hour risk management,” said a Goldman spokesperson to Bloomberg via email.

In May, Goldman reopened its crypto trading desk two years after shutting it down. At the time, the company was also said to be exploring a Bitcoin exchange-traded fund.

Goldman now offers traders Bitcoin and Ethereum ETH/USD derivative products and has been actively growing its suite of crypto-related product offerings.

Several other large financial institutions have also ramped up their exposure to Bitcoin and the crypto space. Last month, Benzinga reported that Morgan Stanley MS had been actively increasing its stake in the world’s largest Bitcoin fund – the Grayscale Bitcoin Trust GBTC. The firm is now the fund’s largest shareholder, after Cathie Wood’s ARK Invest.

Price Action: According to data from Benzinga Pro, BTC was trading at $39,800, up 0.62% over 24 hours.