Cantor Fitzgerald, a major U.S. financial services firm, has launched a Bitcoin financing business with an initial $2 billion in funding. The firm’s CEO and chairman, Howard Lutnick, announced this development on July 27 at the Bitcoin 2024 conference in Nashville, Tennessee. Cantor, a significant global financial player with $13.2 billion in assets under management, is expanding its support for Bitcoin.

According to the company’s press release, the finance giant will begin with an initial $2 billion in financing and has plans for future growth. This new initiative aims to provide leverage to investors holding 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 said in the announcement.

To kick off its venture, Cantor Fitzgerald will collaborate with select Bitcoin custodians, although specific firms have not been disclosed.

Bitcoin 2024 Conference Highlights

During his address at the conference in Nashville, Lutnick defended the historically controversial stablecoin issuer, Tether, describing the asset as “incredibly well-capitalized” and emphasizing its essential role in the cryptocurrency market. He highlighted the significance of stablecoins in enabling transactions and maintaining liquidity within the digital asset space.

Lutnick also compared Bitcoin (BTC) to gold, advocating for Bitcoin’s unrestricted global trading. As noted in the press release, Cantor Fitzgerald 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. earlier this year has paved the way for increased institutional investment. Cantor Fitzgerald’s financing business is likely to bolster this trend further.

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