Trust Goldman Sachs to find an angle for investment banks in the cryptocurrency sector. David Solomon’s $100 billion group made a bitcoin-backed loan to $27 billion exchange Coinbase Global , people familiar with the matter told Breakingviews. The structure means Goldman won’t touch crypto-assets. Assuming regulators don’t object, the rest of Wall Street will pile in.
. Coinbase’s unsecured bonds yield roughly 6% to 7%. Goldman is lending at a similar rate, according to a person familiar with the deal, but with the added benefit of collateral.
The logical next step would be to make crypto-backed loans directly to hedge funds and specialist investors that try to profit from widespreadon Twitter- Goldman Sachs lent dollars to Coinbase Global secured against the cryptocurrency exchange’s bitcoin holdings, people familiar with the matter told Breakingviews.Editing by George Hay, Streisand Neto and Oliver TaslicOpinions expressed are those of the author.
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