Cantor Fitzgerald Launches $2 Billion Bitcoin-Backed Lending Program

Cantor Fitzgerald LP has officially launched a $2 billion Bitcoin-backed lending program, marking its entry into crypto-backed financing. By DeepNewz. Curated by The Defiant.

Cantor Fitzgerald LP has officially launched a $2 billion Bitcoin-backed lending program, kicking off its foray into crypto-backed financing. The firm has already completed its first loans with several transactions.

Earlier this month, Cantor Fitzgerald completed the financing of cryptocurrency trading firm FalconX Ltd. with Bitcoin-collateralized credit, according to people familiar with the matter. These transactions, which began in May, also saw Cantor Fitzgerald providing bitcoin-backed financing to yield-envelope provider Maple Finance and an institutional client, a hedge fund or asset manager, said the sources, who requested anonymity as the matters are private.

For these initial transactions, which were executed in May, Cantor Fitzgerald is using the services of Anchorage and Copper for custody of the bitcoin assets.

The report comes as Cantor Fitzgerald, which manages the bulk of Tether's U.S. Treasury reserves, is aiming to increase confidence in bitcoin’s stability and role within the global financial system.

Last month, Cantor Fitzgerald announced plans to launch a $2 billion bitcoin-backed lending program as part of its broader initiative to integrate traditional Wall Street capital with the cryptocurrency industry. The firm is making an entry into the crypto-backed financing market with this initiative.

Earlier this year, Cantor Fitzgerald disclosed its intent to invest $500 million in digital assets by the end of 2023, as reported by Bloomberg.

The post Cantor Fitzgerald Launches $2 Billion Bitcoin Lending Program With First May Loans to FalconX and Maple Finance, Anchorage Custody appeared first on The Defiant.

This article is an addition to an earlier report by The Defiant on May 25.

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