Fidelity Digital is Going To Accept Bitcoin Collateral on Cash Loans for Businesses
According to a press statement Fidelity Digital Assets will enable its institutional clients to use bitcoin as collateral toward cash loans.
Tom Jessop who is the president of Fidelity Digital Assets, said that the goal is to target bitcoin investors who are interested to convert their holdings into cash without selling, also hedge funds, miners, and over-the-counter trading cases.
The Fidelity Investments subsidiary doesn't offer loans itself and will keep the cryptocurrency.
According to the company's CEO, Zac Prince partnering on the action is crypto lender BlockFi, which will assist in managing risks by proposing cash worth 60% of a loan backed by bitcoin.
Jessop said: “As the markets grow, we’d expect that this becomes a fairly important part of the ecosystem.”
To get the loan, a Fidelity client needs to have an account with BlockFi.
Fidelity Digital was given a trust business charter from the New York Department of Financial Services, last November, letting the company to jail bitcoin for institutional investors.
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