Wall Street asset management firm Cantor Fitzgerald has tapped Copper and Anchorage Digital as custodians for its new bitcoin (BTC) financing business, which aims to provide institutional investors with leverage on their bitcoin holdings, the firm said on Tuesday.
“We are launching with $2 billion in initial financing and expect to substantially grow the operation over time,” said Michael Cunningham, Head of Bitcoin Financing at Cantor Fitzgerald, in a press release.
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The Wall Street giant announced its plan to launch the business in July, saying it wanted to build a platform to support Bitcoin investors’ financing needs. Cantor Fitzgerald also manages stablecoin issuer Tether’s stockpile of U.S. Treasuries that backs the value of the $142 billion USDT stablecoin.
The firm’s former CEO, Howard Lutnick, currently serves as the Secretary of Commerce and has been a vocal proponent of integrating BTC into traditional finance.