Financial service firm Cantor Fitzgerald is looking to launch a Bitcoin lending program. Speaking at the Bitcoin conference in Nashville, the firm’s CEO Howard Lutnick said,
"We are going to launch with $2 billion in lending. We are going to welcome Bitcoin into the financing family of the global financial markets.”
The to-be-launched Bitcoin financing business intends to provide leverage to investors who hold BTC. The company will tie up with Bitcoin custodians for the undertaking. However, names have not yet been narrowed down, nor has a launch timeline been finalized.
After highlighting how the platform will support Bitcoin investors' financing needs, Lutnick added,
"We are excited to help unlock Bitcoin's full potential and continue bridging the gap between traditional finance and digital assets."
Post-launch, the company will continue to substantially grow its operation. As soon as the initial $2 billion is used, the firm will continue to increase its allocation to the business in increments of $2 billion.
The executive added that Bitcoin — like gold — should be “free to trade” everywhere in the world. In retrospect, “as the largest wholesaler in the world,” Cantor is going to do “everything” in its power to foster that.
Lutnick affirmed that the firm already owns “a shedload” of BTC.
Cantor, on its part, is a custodian for Tether. Parallelly, it has also raised billions of dollars in financing for crypto mining companies including the likes of Bitdeer, TeraWulf, Riot Platforms, and Cipher Mining.
In other business-related news, Mike Novogratz’s Galaxy Asset Management is planning to launch a new crypto fund. The firm has raised $113 million and will invest in early-stage startups revolving around crypto software, infrastructure, and financial apps.
The new fund intends to build a portfolio of around 30 investments. Additional funds will be raised, with Galaxy eying a $150 million target, with the company’s executives asserting that “it’s a one-two decade transition” that they are betting on.
