Cantor Fitzgerald, a global financial services company has revealed its intention to start a Bitcoin financing business. This move, unveiled at the Bitcoin Conference 2024 marks a big leap for the firm. It showcases its readiness to embrace the opportunities presented by the evolving financial landscape.
Cantor Fitzgerald Makes BTC a Key Business Product
This new development aims to offer leverage to investors holding Bitcoin. The firm will commence operations with an initial financing of $2 billion and plans to significantly expand the business.
Howard Lutnick, the Chairman of the firm, announced this development at Bitcoin Conference 2024. He said an initial $2 billion in financing will be provided with substantial expansion anticipated thereafter.
Here’s the speech of @howardlutnick , Chairman of Cantor Fitzgerald, at #Bitcoin2024 #bitcoin , #tether and more. pic.twitter.com/WNJ7q7MjMl
— Paolo Ardoino 🤖🍐 (@paoloardoino) July 27, 2024
Notably, the firm plans to offer Bitcoin holders a way to leverage on the lending business so they can amplify their positions or investment. Traders will be able to borrow funds that will potentially increase their returns and gain more exposure to the digital asset.
Bitcoin Takes the Lead Amongst Peers
Notably, this new initiative is not the firm’s first foray into crypto. It has made a big name for itself on Wall Street as one of the largest bond brokerages in the U.S.
Also, the firm has been in business with the prominent stablecoin issuer, Tether for a while now. It trades stablecoin for the U.S. Treasury with Tether. This lending initiative comes at a time when many traders and crypto enthusiasts eye the Bitcoin but think the digital asset is very expensive. In June, Robert Kiyosaki, financial market expert, discounted this common excuse among prospective Bitcoin investors.
Although, BTC has plummet from its all-time high price due to some recent market pressures. However, it is still the world’s leading digital asset and still considered a hedge against inflation. At the time of writing, the digital asset was trading at $67,904.88, down by 1.74% in the last 24 hours. The crypto community is very confident in the potential of Bitcoin and hopes for a rebound soon.
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