American multinational investment bank Goldman Sachs has unveiled a lending facility backed by bitcoin, becoming a major US bank.
A representative of the bank says that the new lending facility lends cash that is collateralized by bitcoin held by the owner, adding a 24-hour risk management feature.
The product adds to the cryptocurrency-related offerings on Wall Street including wealth management, trading, and investment banking.
Wall Street banks have continued to increase their crypto offering following a surge in price and popularity.
Goldman Sachs traded its flagship over-the-counter bitcoin options in March. The company set up a digital assets management team to enter the business line that crypto firms dominate.
Jefferies Financial Group and BlackRock are other investment firms that have joined the race in the cryptocurrency space as momentum picks up on Wall Street.
Source: Bloomberg