Banking giant Goldman Sachs has issued its first Bitcoin-backed loan, Bloomberg has reported citing a representative of the investment bank.
In particular, the move marks Goldman Sachs' full entry into the crypto market.
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The deal has been brewing since December last year, when the media also reported the investment bank's interest in synthetic products without the involvement of Bitcoin spot.
Other banks currently offering similar Bitcoin-backed loans include Signature and Silvergate.
Goldman Sachs started offering Bitcoin and Ethereum futures and options trading to its clients last year. The bank also launched non-deliverable fiat-based BTC forwards.
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Last month, Goldman Sachs and Galaxy Digital initiated an OTC trade with a settlement option in Bitcoin.