First BTC-backed loan for Goldman, largest outflow exchanges since 2021 and Argentinian banks to sell crypto

Photo by Quantitatives on Unsplash

Coinbase borrows Goldman Sachs’ first Bitcoin-backed loan

According to a report from Bloomberg, Goldman Sachs offered its first ever lending facility backed by Bitcoin to cryptocurrency exchange Coinbase.

The exact amount has not been disclosed, but it was collateralized by a portion of Coinbase’s total holdings of 4,487 Bitcoin, worth $170 million at current prices. The loan features 24-hour risk management, but requires Coinbase to top up its BTC collateral if prices fall too low.

“Coinbase’s work with Goldman is a first step in the recognition of crypto as collateral which deepens the bridge between the fiat and crypto economies,” Brett Tejpaul, head of Coinbase Institutional, told Bloomberg.

Bitcoin funds saw largest single week of outflows since June 2021

Institutional investors shed $133 million worth of Bitcoin (BTC) investment products last week, marking the largest week of outflows since June last year.

According to the latest edition of CoinShares’ weekly Digital Asset Fund Flows report, the overall digital asset fund outflows for the week ending April 29 totaled $120.1 million.

The $132.7 million worth of outflows from BTC funds last week, brings the month-to-date outflows for April to $310.8 million.

Two Argentine banks to allow crypto purchases

The top two private banks in Argentina confirmed that they will allow the purchase of cryptocurrencies. Banco Galicia and Brubank both announced that they will facilitate the purchase of four digital assets .

According to Bloomberg, approximately 60% of respondents in a recent survey sought easy access to crypto through their respective banks in Argentina.

Following the results of this poll, the manager of investment products, Ariel Sanchez noted that the survey motivated the bank “to push this project”.

Source: Vauld

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