PROVIDENCE – Fidelity Digital Assets has teamed up with a cryptocurrency lending platform to let customers pledge bitcoin as collateral, the company announced in December.
The partnership with BlockFi and a CME Bitcoin Futures Block Liquidity Provider lets institutional customers pledge bitcoin as collateral in their cash loans through Fidelity’s platform.
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The new capability is intended to help broaden the investment company’s reach within the digital-asset space and increase capital efficiency from institutions with long bitcoin positions, the release stated.
Fidelity research suggests demand for bitcoin financing will continue to grow, evidenced by a 150% increase in its year-to-date price performance and public support from notable institutional investors and corporate treasurers.
Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.
