Goldman Offers Its First Bitcoin-Backed Loan in Crypto Push

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, she said in an email.

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 …