In the Crypto Push, Goldman Sachs Offers Its First Bitcoin-Backed Loan.

Goldman Sachs Group Inc. announced its first-ever Bitcoin-backed lending facility, marking a significant step forward for a major American bank and accelerating Wall Street's acceptance of cryptocurrencies.

According to a bank representative, the secured lending facility lent cash with the borrower's Bitcoin as collateral. The purchase piqued Goldman's interest because of its structure and round-the-clock risk management, she wrote in an email. After years of reluctance, Wall Street banks are boosting up their crypto services, thanks to a jump in price and popularity. Goldman, which began trading over-the-counter Bitcoin options in March and has a digital-assets division, has taken a move into a new business area that is now dominated by crypto businesses.

BlackRock Inc. joined a $400 million fundraising round in stablecoin startup Circle last month, while Jefferies Financial Group Inc. is extending banking services for crypto customers. Cowen Inc., a boutique investment bank, launched a digital assets subsidiary in March.

Wealth management, trading, and investment banking are just a few of the crypto-related goods and services presently available on Wall Street. The next phase is to lend to enterprises that supply virtual currency as security. Galaxy Digital Holdings co-president Damien Vanderwilt recently stated

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