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Last week, Goldman Sachs offered its first ever lending facility backed by Bitcoin, as Bloomberg reported, in a move reflecting the increasing institutional adoption of the digital asset.
“But that has certainly changed with the flood of institutional money entering the space, and it certainly makes sense that Coinbase is involved,” Yang said.
“Already, we are seeing lenders looking to use Bitcoin as collateral for mortgages, and it makes sense because, as many have argued, Bitcoin is both digital gold and pristine digital collateral.
“This is also a huge market opportunity for Coinbase to become a top player in this type of product offering.
People don’t want to take out second mortgages on their homes — it’s far more useful to use Bitcoin and other crypto assets for this type of utility,” he said.
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