Market Analysis Report (22 Apr 2021)

New York-based Signature Bank will soon start offering its crypto clients bitcoin-backed cash loans, executives revealed on an earnings call yesterday.

The bank joins its rival Silvergate, which has been offering bitcoin-backed loans since June of last year, and crypto lending startups including Genesis, BlockFi and Unchained Capital. (Genesis, like CoinDesk, is owned by Digital Currency Group.)

“We want it to be a zero-loss business,” said Signature CEO Joseph DePaolo. “And so we’re only going to have it for the very, very best clients. We’re going to underwrite it to death, have deep discounts and quality custodians. It will contribute in 2021, but not necessarily in the second quarter to a great extent.”

Source: https://www.cryptocompare.com/email-updates/daily/2021/apr/22/