Goldman Sachs Group Inc. has offered the first Bitcoin-backed lending facility, a major step for a major U.S. bank to accelerate the acceptance of cryptocurrencies on Wall Street. A Goldman spokesman said the secured lending facility lends cash backed by Bitcoin owned by the borrower.
Wall Street banks are adding to their cryptocurrency offerings after soaring prices and popularity dented years of resistance. Goldman Sachs traded Bitcoin options over-the-counter for the first time in March and has a digital asset team. For Goldman Sachs, this step marks the entry into a new line of business.
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