This is the same with traditional finance where lending and borrowing remain a big part of the ecosystem.
It is the first secured lending facility of its kind which will lend out cash that is collateralized by BTC.
Nevertheless, various institutions have taken to providing services that revolve around cryptos such as asset and wealth management, trading, and investment.
Since then, it has not only recognized it as an asset class but has been offering its clients a way to trade the cryptocurrency.
Although this is the first for a major bank to accept bitcoin as collateral for a loan, it is in no way a novel concept.
In this regard, traditional finance is playing catch-up to DeFi which requires no paperwork for individuals to secure a loan.
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