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Major Banks Study Possibility of Offering Bitcoin Backed Loans

Major Banks Study Possibility of Offering Bitcoin Backed Loans

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Answer Major Banks Study Possibility of Offering Bitcoin Backed Loans

According to the three Sources Anonymous, who recently spoke to CoinDesk, told that several major US banks are exploring the possibility of using the best cryptocurrencies as collateral to provide loans to institutions.

The banks will focus primarily on products such as crypto derivatives offerings and futures contracts and will not participate in the spot cryptocurrency markets.

What banks will participate?

The aforementioned sources confirmed that Goldman Sachs is one of the top-tier US banks planning to use bitcoin-backed loans (the bank declined to comment on the rumours).

However, there are at least six large banks planning to participate, and some in the next three to six months.

Read:Who is behind the $3.7 million CryptoPunk NFT purchase of Ethereum?

Crypto service providers:

One of the sources says that some of these banks will use their balance sheet to provide the loan.

Coinbase and Fidelity Digital Assets are claimed to be the entities most likely to support the Custody Delivery Scheme.

The two companies also declined to comment on the rumors.

Fidelity Digital Assets is a subsidiary of Fidelity Investments focused on supporting the holdings of its institutional clients with digital assets.

Offering Bitcoin-backed loans can:

  • More prime brokerage services for digital assets.
  • Small banks are also beginning to use bitcoin as collateral.

Crypto-friendly banks like Silvergate and Signature have been offering bitcoin cash loans for a while now.

Read:Before the merger upgrade… Ethereum price is approaching $1800 and Bitcoin is stable above $21,000

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