Coinbase takes a Bitcoin-backed loan from Goldman Sachs

America’s largest crypto exchange Coinbase has taken Wall Street’s first Bitcoin- (BTC)-backed loan from Goldman Sachs.

Goldman Sachs has $2.5 trillion assets under management as of 2021.

The Bitcoin-backed loan issued by Goldman Sachs had been taken out by Coinbase as a way to deepen ties between the crypto and traditional finance (TradFi) world, according to Bloomberg.

The dollar value of the loan has not been disclosed, but it was collateralized by a portion of Coinbase’s total holdings of 4,487 BTC, worth around $170 million at the time of writing.

Meanwhile, Coinbase CEO Brian Armstrong has laid out his vision for free speech being enabled through decentralized social media platforms.

He told the Milken Institute on Monday that under new owner Elon Musk, Twitter has an opportunity to “essentially embrace using a decentralized protocol” on which the platform could operate.

Armstrong believes a decentralized social media platform would allow content creators to make their own moderation policies, while access to all the content would be democratized rather than algorithmically ordained.