The custodian started offering money loans collateralized by bitcoin past December but is currently adding Silvergate clients to the combination.
Silvergate Bank is going to be the next creditor to expand bitcoin-backed loans to investors that custody their own crypto with Fidelity.
Fidelity started accepting bitcoin as security for money advances in December after partnering with crypto creditor BlockFi.
Silvergate has been supplying bitcoin-backed loans because June via its Silvergate Exchange Network, which enables clients to immediately move dollars between distinct crypto exchanges and can be available on weekends.
“Like Silvergate, we realize the chance to produce a more eloquent investor experience by assisting institutions maximize capital efficiency, in addition to the chance to fortify the electronic resources ecosystem through greater integration and collaborations in this way,” Christine Sandler, head of advertising and sales at Fidelity Digital Assets, stated in a media release.