Goldman Offers Its First Bitcoin-Backed Loan

Goldman Sachs Group Inc. offered its first ever lending facility backed by Bitcoin, in a significant step for a major U.S. bank that accelerates Wall Street’s embrace of cryptocurrencies. The secured lending facility lent cash collateralized by Bitcoin owned by the borrower, a spokeswoman for the bank said. The deal was interesting to Goldman because of its structure and 24-hour risk management. Wall Street banks are ramping up their crypto offerings after a surge in price and popularity chipped away years of prior resistance. For Goldman, which traded its first over-the-counter Bitcoin options in March and has a digital-assets team, the step signals entry into a new business line that’s currently the domain of firms more specialized in crypto.