Silvergate added Fidelity Digital Asset as custodian of Bitcoin mortgage products
Cryptocurrency-friendly bank Silvergate has hired Fidelity Digital Assets as one of its custodians for bitcoin mortgages, according to an announcement released on March 29.
Specifically, Silvergate has provided institutional investors SEN Leverage lending products, users can sign a loan agreement with Silvergate for dollar loans, the latter using its proprietary network Silvergate Exchange network (" SEN "), while users of collateral - COINS - by fidelity digital assets in an independent, secure storage in cold wallet account.
On the Q4 2020 earnings call, Silvergate CEO Alan Lane said that the bank is looking to further monetize its Silvergate Trading Network (SEN) platform through digital asset lending and custodial services. Mr Lane said SEN leveraged products had become a "core product" since the pilot last year and he expected demand to increase further this year.
It is understood that in addition to Fidelity digital investment, Coinbase Custody is its Custody agencies.
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