The move is another sign that big banks are embracing crypto and broadening their services to incorporate clients with digital asset investments.
The big banks are following in the footsteps of more specialized firms such as Jefferies Financial Group, which is expanding banking services for crypto clients.
Damien Vanderwilt, co-president of Galaxy Digital Holdings, commented that accepting crypto assets as collateral is the next step beyond services such as wealth management, trading, and investment banking for Wall Street banks.
In one particular case from May 2020, the bank said bitcoin is not an asset class.