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Goldman Sachs Made First Bitcoin Backed Loan As Wall Street Embraces Crypto


cryptodrive

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In past years, it has been known that there are so many players in Wall Street that are very vocal against cryptocurrency. The past months until today, winds have change a lot as some financial institutions and listed companies have been increasing exposures in cryptocurrencies and blockchain technology.

Among these are Goldman Sachs that have increased their crypto trading activity, and BlackRock Inc. that is investing in the stablecoin company Circle. In addition to its $400 million investment, BlackRock also formed a partnership with the company to explore the capital-markets use of USD Coin, a stablecoin pegged to the U.S. dollar.

Early this month,  Kate Rooney reported in CNBC that “Major banks are building out teams dedicated to cryptocurrencies and the underlying blockchain technology.”

With this trend, more job opportunities were opened along with capital infusions.   

“Financial services firms added three times as many crypto jobs last year than in 2015, according to recent data from LinkedIn. In the first half of 2021, that pace jumped by 40%. Banks on a crypto hiring spree included Deutsche Bank, Wells Fargo, Citigroup, Capital One, Barclays, Credit Suisse, UBS, Bank of America and BNY Mellon.

“The crypto boom on Wall Street coincides with more funding and hiring in the start-up world. Crypto and blockchain companies raised a record $25 billion last year, an eightfold increase from a year earlier, according to CB Insights data.”

Just today, April 29, 2022, Coindesk reported that Goldman Sachs has just made its first Bitcoin backed loan. First time that the global investment bank allowed a borrower to use the cryptocurrency as collateral for a cash loan.

With this latest development, we can clearly expect that cryptocurrency is just few steps away from mass adoption.  As more people, business firms and major financial entities are into crypto, soaring demand will be the next possible thing to happen as utilities and transactions will have exponential growth in the coming years. 

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