Coinbase Is on Other Side of Goldman's First Bitcoin-Backed Loan

According to Bloomberg, Goldman Sachs launched its first loan service using bitcoin as collateral backed by Coinbase, a loan secured by bitcoin held by a previously undisclosed borrower. In addition, Matthew Ballensweig, managing director and co-head of trading and lending at cryptocurrency bulk brokerage Genesis, said such borrowers typically post bitcoin loan-to-value ratios of between 40 and 60 percent. The collateral is held by a qualified custodian, and the borrower receives dollars from the lender at an agreed-upon rate.