Coinbase is the first crypto firm that received bitcoin-backed loans from a traditional banking giant.
Wall Street banking giant Goldman Sachs announced that its first-ever Bitcoin-backed loan was lent to Coinbase. However, neither of the two has disclosed the amount and other details regarding the deal.
In the case of putting Bitcoin as collateral, the loan-to-value rate usually remains in between the 40% to 60% range, according to Matthew Ballensweig, managing director and co-head of trading and lending at crypto prime brokerage Genesis. For instance, for 100 dollars taken out as a loan, there needs to be roughly $167 – $250 worth of bitcoin locked up as collateral held by the lender.
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