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Investment bank “Goldman Sachs” begins offering dollar loans secured by “Bitcoin”

Investment bank “Goldman Sachs” begins offering dollar loans secured by “Bitcoin”

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Answer Investment bank “Goldman Sachs” begins offering dollar loans secured by “Bitcoin”

Goldman Sachs, a multinational corporation, announced that it has started the first lending operations of fiat currency with a guarantee of Bitcoin for the first time in history, in a major step towards the adoption of digital currencies in traditional banking transactions.

A Goldman Sachs spokeswoman told Bloomberg

“Multinational Investment Bank Lends Money with a Guarantee that Borrower Holds Bitcoin for the First Time in the Bank’s History.”

This loan allows a Bitcoin holder to borrow a fiat currency such as the US dollar, by offering Bitcoin as collateral to the bank.

According to “Crypto News”, the intraday price change of Bitcoin may make such transactions very risky.

Read:Cryptocurrency market rises by more than 20 billion dollars, affected by the gains of Bitcoin and Ethereum

Goldman Bank is not the only bank that is experimenting with these experiments to link digital and encrypted transactions, as several Wall Street banking institutions are intensifying their movements towards the digital currency market.

While loans backed by cryptocurrencies were a staple in the world of decentralized finance (DeFi), a loan secured by cryptocurrency collateral has now become an alternative way to finance traditional banking operations.

Read:The supply of Tether (USDT) on the exchanges reaches its highest level in 6 months…what does this mean?

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