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Crypto-backed loans: How banks are working to capitalise on cryptocurrency mania
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The rising popularity of cryptocurrencies has prompted banks to consider ways to capitalise on the frenzy without directly participating in the crypto market. While New York-based Signature Bank and rival Silvergate have already launched bitcoin-backed cash loans earlier this year, other big banks may soon join the race with different products.According to a CoinDesk report, Goldman Sachs and a handful of top banks in the US are also considering providing cash loans to other institutions using Bitcoin as collateral.
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