Citadel and Virtu are Building a Crypto Trading Platform: Bloomberg
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Citadel and Virtu Allies Over Crypto Product
According to a report from Bloomberg, market makers Citadel and Virtu are developing a crypto product with some help from Fidelity and Schwab that would increase access to digital assets, according to people familiar with the matter.
The product, still in its early development, could be available late this year or early next year, per reports. The venture capital firms Sequoia Capital and Paradigm, as well as a few retail brokerages, are also included in this project.
Mayura Hooper, a spokeswoman for Schwab said the company will look to invest in firms and technologies in the cryptocurrency space with a strong regulatory focus and in a secure environment. While they don’t have plans to offer direct crypto trading at this point, Hooper mentioned they will consider introducing direct access to cryptocurrencies when there is further regulatory clarity.
Ken Griffin, the founder of Citadel Securities, said the company plans to make markets in crypto, however, he didn’t mention a specific timeline. Previously, Citadel Securities closed a $1.15 billion funding round in January at a $22 billion valuation led by Sequoia Capital with participation from Paradigm and others.