Banking giant Goldman Sachs, which has $2.5 trillion in assets under its management, has launched a Bitcoin-backed loan application.
According to Bloomberg’s report, it will be possible to get a cash loan by offering Bitcoin as collateral. The development is a clear indication that Wall Street is starting to pay more attention to the crypto class.
Rumors that Goldman Sachs will offer Bitcoin-backed loans have been on the agenda since December.
Goldman Sachs was one of the first major banks to start researching digital currencies in 2018 and set up a trading desk for it. The bank decided to relaunch this unit last March.
Goldman Sachs made the first over-the-counter crypto transaction last month with Mike Novogratz’s crypto bank Galaxy Digital.
Bitcoin is trading at $39,913 at the time of writing, according to Binance data.
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