In early November, the largest exchange in the United States, Coinbase, surprised the crypto ecosystem with a new financial option on its platform: cash loans that accept bitcoin (BTC) as collateral. The initiative seems to have surprised several businessmen, which is why large US banks are moving towards similar proposals.
In recent days, it emerged that Goldman Sachs bankers and other Wall Street firms are working on similar loans. In principle, their idea would not be the same as Coinbase -which grants advances of up to a million dollars and is responsible for the custody of digital assets-, but they would resort to products associated with BTC, such as futures.
As Coin desk reported, banks will try to emulate tripartite repurchase agreements; that is to say, involve an external agent who will guard the guarantee and guarantee the fulfillment of the agreement from both parties. In view of the required structure, it would not be surprising that banks turn to exchange.
” Goldman was working to get approval for secured loans and a tripartite repository If they had a settlement agent, then they were just making secured loans without Bitcoin touching their balance,” explained an anonymous source familiar with the matter, on dialogue with Coin desk.
However, there is also the possibility that banks will take care of the custody of cryptocurrencies and expose them to their own balance sheet. For many banks that have not yet ventured into the crypto ecosystem, this would be a good opportunity to learn about crypto trading mechanisms and a possible gateway to the market.
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It should be remembered that in July 2020, the Office of the Comptroller of the Currency of the United States (OCC) officially authorized all banks at the national level and federal savings associations in the country to provide cryptocurrency custody services, so there would be no legal obstacles to the projects.