The leading US financial institution firm, Goldman Sachs, has announced the launch of a BTC-based loan. It is the first time any financial institution will be offering such a service. Goldman Sachs adopted crypto earlier in the month after realizing the massive growth of the digital asset space in many nations globally, including the USA. The financial institution’s new launch is proof of its advancement in the crypto space and its support for it. The announcement has created a buzz of activities across Wall Street.

An Imagination That Has Become A Reality

The launch is beyond the imagination of crypto market participants, who would have never thought there would be a loan facility for the leading digital currency. However, Goldman Sachs has turned that near impossibility into a reality. A Bloomberg report added that banks could finance such loans as it isn’t against their laws.

A top-level executive of the bank opined that the bank has already developed a solid infrastructure to facilitate this loan. Goldman Sachs adds to the growing list of individuals, investors, and financial institutions interested in owning BTC.

Cryptos continue to grow in popularity and demand in traditional financial circles and among payment processors such as Visa. Earlier in the year, Visa partnered with Coinbase and Binance to launch its crypto debit card for its customers.

Goldman Sachs Increases Its Bond With The Digital Asset Space

Having realized that blockchain technology is the future, Goldman Sachs has expanded its services into the crypto market. Then, as one of the top banks on Wall Street, it brokered a partnership deal with galaxy digital to start running its crypto-based operations.

Goldman’s romance with the digital asset space started last year during the company’s 2021 trade event. The event opened the eyes of the company to the increasing demand for crypto-related services. Thus, forcing them to make a move into the crypto space.

Various media outlets report that the company is holding several secret meetings with executives of FTX exchange to discuss how they can be involved in decentralized trading. While many Wall Street companies, despite the crypto market, Goldman Sachs sees it as an opportunity, which they have explored and are now enjoying the benefits.

Regarding Goldman’s BTC loan facility, no information is available on the interest rates the Wall Street firm will charge for it. However, many industry analysts opine that the interest rate won’t be excessive. If this BTC loan facility is a success, the top financial institution may extend this facility to other cryptos.

Crypto Loans In The Real Estate Industry

Blockchain real estate platform, Propy and crypto asset management firm, Abra, have collaborated to enable abra customers to use crypto to obtain home loans. Propy users can buy real estate using their digital assets as collateral via abra borrow, a digital asset borrowing service. These loans can be converted to fiat and used to purchase real estate. This possibility proves that digital assets can find usefulness across any industry.

No Comments.