Silvergate Capital Corporation, a bank holding company, has announced it selected Coinbase Custody as a custodian for SEN Leverage. According to a press release, SEN Leverage provides secure, institutional-grade access to capital through US dollar loans collateralized by bitcoin (EXANTE: Bitcoin).
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Director of digital asset lending at Silvergate, Jon Melton, says traditional lending services generally "do not exist in the digital currency industry, which means there are not many lenders for investors to choose from"
"Our relationship with Coinbase Custody offers institutional investors increased access to capital efficiency so they can take advantage of market opportunities in the digital currency industry," Melton added.
In the meantime, according to CryptoQuant, Coinbase withdrew another stack of bitcoins (over 12,000) in a single transaction. The exchange allegedly split BTCs in one of the wallets into multiple smaller ones for hodling in a cold storage.
It remains unknown whether this transaction related to Silvergate. As iHodl earlier reported, the largest cryptocurrency exchange in the US earlier publicly shared its investment campaign. According to Brett Tejpaul, Head of Institutional Sales, Trading, Custody and Prime Services at Coinbase, the exchange has been hodling bitcoin (EXANTE: Bitcoin) and other cryptocurrencies on its balance sheet since its funding back in 2012.
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