Goldman Sachs issues the first bitcoin-backed loan. This was reported to Bloomberg by a representative of an investment bank.

The lender was impressed by the structure of the deal and its 24/7 risk management mechanism.

The move marks Goldman Sachs’ full entry into the cryptocurrency market. The deal has been in preparation since December 2021. At that time, the media also reported on the investment bank’s interest in synthetic products without the participation of the spot option of the first cryptocurrency.

Currently, digital asset-friendly banks Signature and Silvergate offer similar Bitcoin-backed loans.

Recall that in 2021 Goldman Sachs offered customers futures and options on Bitcoin and Ethereum. The bank also launched the first cryptocurrency-backed fiat-backed non-deliverable futures.

In March 2022, Goldman Sachs and Galaxy Digital entered an OTC trade with a settlement option on bitcoin.

In April, a representative of the bank announced the start of experiments in the field of tokenization of real assets and NFTs in relation to financial instruments.

Previously, the “interdepartmental sprint” was initiated with the participation of the participants. fed, FDIC and OCCIt will continue until 2022. A group of regulators will make statements about legally permitted activities for banks related to cryptocurrencies.