Silvergate Capital Corporation, a bank holding company, continues the process of partnerships with another crypto-related company. According to a press release, Silvergate selected Fidelity's cryptocurrency arm called Fidelity Digital Assets as a custody provider for its SEN Leverage service.
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SEN (Silvergate Exchange Network) Leverage is a proprietary payments network developed by Silvergate to fund the loans. With the partnership, Silvergate will hodl the investor's collateral in bitcoin (EXANTE: Bitcoin) in Fidelity's cold storage. Jon Melton, director of digital asset lending at Silvergate, says with Fidelity Digital Assets on board, the company is combining its "exceptional lending program" with a leading custody services platform.
Silvergate's partnership with Fidelity comes after the holding company announced it had also selected Coinbase Custody as a custodian for SEN Leverage.
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