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Fidelity Digital Assets Provides Custody Service For Silvergate Capital's Bitcoin-Backed Loans
Summary: The crypto-friendly bank Silvergate Capital announced Fidelity Digital Assets became the custodian of its SEN Leverage, a Bitcoin-backed loan business. SEN Leverage provides a secure institutional-level capital access channel through a U.S. dollar loan secured by Bitcoin. The plan enables institutional investors who currently use Fidelity to host their Bitcoin to easily obtain SEN Leverage. ...
The crypto-friendly bank Silvergate Capital announced Fidelity Digital Assets became the custodian of its SEN Leverage, a Bitcoin-backed loan business.
SEN Leverage provides a secure institutional-level capital access channel through a U.S. dollar loan secured by Bitcoin. The plan enables institutional investors who currently use Fidelity to host their Bitcoin to easily obtain SEN Leverage.
By using SEN Leverage, institutional investors sign the loan agreement with Silvergate to obtain USD financing, and Silvergate uses its proprietary payment network Silvergate Exchange Network (SEN) to fund the loan. The investor's collateral (Bitcoin) is held by Fidelity Digital Assets and kept in a separate safe cold storage account.
By Mary Liu
Tags: Bitcoin,Fidelity Digital Assets,Silvergate Capital
Link: Fidelity Digital Assets Provides Custody Service For Silvergate Capital's Bitcoin-Backed Loans [Copy]
