Cantor to form $3 billion crypto joint venture with SoftBank and Tether

Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick, is teaming up with SoftBank, Tether and Bitfinex to create a multibillion-dollar bitcoin acquisition platform. The platform raised $200 million in January and will use the funds to create a new company called 21 Capital, which will receive $3 billion worth of bitcoin from other investors and companies. Tether will contribute $1.50 billion in bitcoin, while SoftBank and Bitfinex will contribute $900 million and $600 million, respectively.