Fidelity Digital Assets, the crypto arm of the asset management conglomerate, will allow institutional customers to pledge their Bitcoin (BTC) as collateral for cash loans.
As reported Wednesday on Bloomberg, the firm partnered with crypto lender BlockFi to disburse the loans. Institutional clients of Fidelity’s custodial solution will be able to draw cash loans from their stored Bitcoin without having to move it, provided they have an account with BlockFi.