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Several major U.S. banks – including Goldman Sachs – are reportedly exploring the option of offering Bitcoin-backed loans, according to reports from CoinDesk.
The sources indicated that, while most banking institutions are not yet considering Bitcoin spot custody to make loans, some Wall Street banks would be considering criptocurrency-related products, including futures contracts.
Banks and Bitcoin: a matter of months?
Large banks would be considering making institutional loans in dollars, but using Bitcoin as collateral. According to CoinDesk’s sources, these operations could begin to consolidate in the coming months.
“We’ve talked to half a dozen big banks about it,” said one of the sources familiar with the plan. “Some of them are in the next three to six months category, and others are further out. What’s interesting is that some of these banks will use their own balance sheet to make the loan. Others will distribute it.”
In that sense, financial institutions would seek to emulate what is known as ‘tri-party repo’ or repurchase transactions, in which financial institutions sell an asset with a commitment to repurchase it at a certain date and price through an external agent.
A source further stated that Goldman Sachs is working to approve such transactions and offer collateralized loans in Bitcoin, although the entity did not respond to CoinBase on the matter. This opportunity, according to sources, lays the groundwork for more integrated digital asset intermediation services in the future.
Other lending institutions such as Silvergate Capital and Signature Bank have already announced plans to offer Bitcoin-backed cash loans.