Outside Source
Cantor Fitzgerald, a major U.S. financial services firm, has announced the launch of a Bitcoin financing business with an initial $2 billion in funding.
The firm’s CEO and chairman Howard Lutnick announced the move on July 27 at the Bitcoin 2024 conference in Nashville, Tennessee. Cantor — a major global financial player with $13.2 billion in assets under management — is expanding its support for Bitcoin (BTC).
According to the company’s press release, also published on July 27, the finance giant will begin with an initial $2 billion in financing and has plans for substantial growth in the future. The new initiative will provide leverage to investors who hold the leading cryptocurrency with the firm.
“We are excited to help unlock Bitcoin’s full potential and continue bridging the gap between traditional finance and digital assets,” Lutnick was quoted as saying in the announcement.
To kick off its venture, Cantor Fitzgerald says it will collaborate with “select Bitcoin custodians,” not yet specifying which particular firms.
Cantor’s CEO at Bitcoin 2024
During his address at the conference in Nasvhille, Lutnick defended the historically controversial leading stablecoin issuer, Tether (USDT), describing the asset as “incredibly well-capitalized” and emphasizing its vital role in the cryptocurrency market. He underscored the significance of stablecoins in enabling transactions and maintaining liquidity within the digital asset space.
Lutnick also drew a parallel between BTC and gold, advocating for Bitcoin’s unrestricted global trading.
As noted in the press release, the firm is one of the 24 primary dealers authorized to transact with the Federal Reserve Bank of New York.
The introduction of spot Bitcoin ETFs in the U.S. at the beginning of this year has already paved the way for increased institutional investment, and Cantor Fitzgerald’s financing business is likely to bolster this trend further.
Trump’s pro-crypto keynote at Bitcoin 2024
In related news, during the Bitcoin 2024 conference, former president Donald Trump encouraged attendees to “never sell your Bitcoin,” pledging that if re-elected, his administration would maintain a national “stockpile” of the flagship cryptocurrency.
Trump also proposed the creation of a crypto advisory council to develop favorable regulations and pledged to fire much-criticized U.S. Securities and Exchange Commission Chair Gary Gensler, positioning himself as a strong advocate for the cryptocurrency industry.
This article first appeared at crypto.news
