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Is the cryptocurrency epicenter moving away from East Asia? – Cointelegraph Magazine
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Fidelity Digital Assets Survey Reveals Growing Number of Institutions Plan to Gain Exposure to Crypto-Assets
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This offering targets investors that seek to convert their BTC into cash without selling.
Fidelity Digital Assets will only hold the BTC and will not play any part in setting loan terms.
Per BlockFi’s CEO, the firm will offer cash loans worth 60% of the backing asset.
Fidelity Digital Assets, the crypto arm of Fidelity Investments, a leading asset manager, has joined hands with BlockFi, a renowned crypto lender, to let its institutional investors pledge BTC as collateral against cash loans. A report unveiled this news on December 7, noting that Fidelity Digital Assets would only hold the crypto and will not play any part in setting loan terms. Reportedly, this offering targets BTC investors that seek to convert their BTC into cash without selling. As such, potential customers will be hedge funds, crypto miners, and over-the-counter (OTC) trading desks.