Cryptocurrencies
Coinbase Is on Other Side of Goldman’s First Bitcoin-Backed Loan
- Crypto exchange owned $183 million of Bitcoin at end of 2021
- Terms of the lending facility haven’t been disclosed
Photographer: Angel Navarrete/Bloomberg
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Goldman Sachs Group Inc.’s first ever lending facility backed by Bitcoin is the latest effort by crypto exchange Coinbase Global Inc. to bring money from the Wall Street to the digital-asset space.
“Coinbase’s work with Goldman is a first step in the recognition of crypto as collateral which deepens the bridge between the fiat and crypto economies,“ Brett Tejpaul, head of Coinbase Institutional, said in an email response. Coinbase did not provide further details about the loan. A spokeswoman from Goldman Sachs said last week the loan was collateralized by Bitcoin owned by the previously undisclosed borrower.