Cantor Fitzgerald announced that Anchorage Digital and Copper.co will serve as collateral managers and custodians for the firm’s new global Bitcoin financing business, which will provide leverage to institutional investors who hold Bitcoin.
With security architecture, Anchorage Digital and Copper will now aim to deliver “resiliency and redundancy to safeguard client’s digital assets.”
Anchorage Digital, a crypto platform that enables institutions to participate in digital assets “through custody, staking, trading, governance, and settlement, is home to the only federally chartered crypto bank in the US, Anchorage Digital Bank NA.”
Copper is a digital asset infrastructure company “that provides secure digital asset custody, prime services, and collateral management for institutions.”
Michael Cunningham, Head of Bitcoin Financing at Cantor Fitzgerald, said:
“We are thrilled to partner with Anchorage Digital and Copper, whose industry-leading security solutions will help us deliver best-in-class digital asset custody services to our clients. We are launching with $2 billion in initial financing and expect to substantially grow the operation over time.”
Nathan McCauley, CEO and Co-Founder of Anchorage Digital, said:
“Our partnership marks a major step forward for the Bitcoin financing ecosystem—built on the safety and security of federally regulated digital asset custody. By combining the best of traditional finance with the best of crypto, we are expanding the horizon of what is possible for institutions in Bitcoin.”
As noted in the update, Cantor Fitzgerald, with more than 14,000 employees, is a financial services and real estate services holding company.
Its group of companies provides a range of products and services, “including investment banking, asset and investment management, capital markets, prime services, research, digital assets, data, financial and commodities brokerage, trade execution, clearing, settlement, advisory, financial technology, custodial, commercial real estate advisory and servicing, and more.”
As mentioned in the announcement, Anchorage Digital is a global crypto platform that enables institutions “to participate in digital assets through custody, staking, trading, governance, settlement, and the industry’s leading security infrastructure.”
Home to Anchorage Digital Bank N.A., the only federally chartered crypto bank in the U.S., Anchorage Digital also “serves institutions through Anchorage Digital Singapore, which is licensed by the Monetary Authority of Singapore; Anchorage Digital New York, which holds a BitLicense from the New York Department of Financial Services; and self-custody wallet Porto by Anchorage Digital.”
The company is funded by leading institutions “including Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa, with its Series D valuation over $3 billion.”
Founded in 2017 in San Francisco, California, Anchorage Digital has “offices in New York, New York; Porto, Portugal; Singapore; and Sioux Falls, South Dakota.”
Since being founded in 2018, Copper.co has been “building the standard for institutional digital asset infrastructure with a focus on custody and collateral management.”
Underpinned by technology, Copper has built a “suite of products and services required to safely custody and trade digital assets.”
At the core of Copper’s infrastructure is ClearLoop, which enables clients to manage collateral and “settle trades across multiple exchanges while mitigating counterparty risk and increasing capital efficiency.”