Fidelity Digital Assets teams up with Silvergate
Silvergate offers loans guaranteed by Bitcoin and other cryptocurrencies since June 2020 via its Silvergate Exchange Network (SEN). This allowed users to transfer money in near real time between different crypto exchanges. SEN is Silvergate Capital Corporation’s real-time payment platform, which provides infrastructure for the digital currency space.
“Silvergate is well placed to offer SEN leverage because of our lending authority and our strong credit culture, ”said Jon melton, Director of Digital Asset Lending at Silvergate. “With Fidelity Digital Assets on board, we are combining our exceptional lending program with a leading custodial services platform, providing investors with better access to capital.”
The initiative gives investors who keep their bitcoin with Fidelity the ability to easily access SEN Leverage or maintain their long bitcoin positions, according to the press release.
“Like Silvergate, we recognize the opportunity to create a more transparent investor experience by helping institutions maximize capital efficiency, as well as the opportunity to strengthen the digital asset ecosystem through a greater integration and collaborations like this, ”said Christine sandler, Head of Sales and Marketing at Fidelity Digital Assets. “The ability to access SEN Leverage while maintaining asset stability on our custody platform will help us deliver even more value and choice to our clients to meet their evolving needs.”
Fidelity Investments filed paperwork in August 2020 with the United States Securities and Exchange Commission (SEC) to introduce a bitcoin-focused fund, the Wise Origin Bitcoin Index Fund. Peter Jubber, President and Chief Digital Officer of Fidelity, is expected to lead the initiative. According to a recent Fidelity Digital Assets survey, 36% of 800 investors already had money in digital assets.