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Wall Street's Cantor Fitzgerald to Open Bitcoin Financing, Lending Business
The financial services company will start with $2 billion in lending.
By Danny Nelson
Updated Jul 27, 2024, 4:28 p.m. Published Jul 27, 2024, 4:06 p.m.
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NASHVILLE — Financial services firm Cantor Fitzgerald will open a bitcoin financing business, CEO Howard Lutnick said at the Bitcoin Conference Saturday.
"We are going to launch with $2 billion in lending," Lutnick said, and increase the facility in $2 billion tranches as needed. He later added: "We are going to welcome bitcoin into the financing family of the global financial markets."
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The business will provide leverage to bitcoin holders, according to a press release.
Cantor Fitzgerald's new lending facility isn't its first step into crypto; It already does business with stablecoin issuer Tether. The firm additionally owns a "s***load" of bitcoin, Lutnick said.
Cantor Fitzgerald is well known on Wall Street as one of the world's biggest bond brokerages and already handles U.S. Treasury trading with the biggest stablecoin issuer, Tether.
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Gold firm Elemental Royalty to pay out dividends in Tether's tokenized gold
The company claimed the bragging right of being the first to let investors opt for dividend payments in a cryptocurrency, backed by gold.
What to know:
- Elemental Royalty is the first public gold firm to pay dividends in tokenized gold
- Shareholders can now elect to receive returns in Tether Gold (XAUT), a blockchain-based token backed by physical gold.
- Tokenized gold saw rapid growth over the past year amid rising retail demand for the yellow metal.
