Pakistan Minister of State for Crypto and Blockchain Bilal Bin Saqib is likely looking to collaborate with Wall Street.
A June 6 X post by the Pakistan Crypto Council shows that Saqib met with Brandon Lutnick, the chairman and CEO of Cantor Fitzgerald, a global financial services firm. A separate video included in a separate post shows that he also met with New York City Mayor Eric Adams, who recently said he will ensure a Bitcoin bond is launched in the city. The post reads:
“New York is Lahore.”
The meeting with Lutnick follows his firm’s recently increased interest in crypto. The two reportedly discussed “tokenization, Bitcoin mining, Pakistan’s Web3 future and avenues of collaboration.”
Cantor Fitzgerald is a global financial powerhouse founded in 1945 with headquarters in New York, focused on investment banking, fixed income, equities, real estate, SPACs and financial technology. The firm’s website notes that its investment arm manages about $14.8 billion in assets.
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Wall Street giant Cantor deepens crypto ties
The report followed news from late April that Brandon Lutnick was reportedly partnering with SoftBank, Tether and Bitfinex to create a $3 billion crypto acquisition company. In late 2024, the firm was also reported to own a 5% stake in stablecoin issuer Tether.
More recently, Cantor Fitzgerald has also partnered with Anchorage Digital and Copper, relying on them as its Bitcoin custodians and collateral managers as it launches its new digital asset financing business, targeting institutional investors.
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Pakistan’s crypto friendship with the US
The announcements follow Saqib’s meeting with Robert “Bo” Hines, executive director of US President Donald Trump’s Council on Digital Assets, during a visit to the White House earlier this week. The meeting focused on cryptocurrency initiative cooperation between Pakistan and the US, including potential partnerships and future decentralized finance initiatives.
In late May, Saqib also revealed that Pakistan is moving to establish a strategic Bitcoin reserve. This marked a shift in the country’s stance that crypto would never be legal.
Saqib was appointed by Pakistan Prime Minister Shehbaz Sharif in late May as his special assistant on blockchain and crypto. That announcement came shortly after Pakistan allocated 2,000 megawatts of surplus electricity exclusively for Bitcoin mining and artificial intelligence centers.
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