Market maker Citadel Securities, a subsidiary of hedge fund Citadel, intends to create an ‘ecosystem’ for trading cryptocurrencies. CoinDesk reports, citing sources.<\/p>\n
According to one of them, among the partners are Virtu Financial, which specializes in high-frequency trading and market making, as well as venture firms Sequoia Capital and Paradigm. The source did not rule out expanding the list with other asset managers and industry leaders.<\/p>\n
\n“This more resembles a trading ecosystem or marketplace than an exchange,” the source said.<\/p>\n<\/blockquote>\n
He noted that the project would enable ‘more efficient access to deep liquidity pools’.<\/p>\n
\n“Thus, a group of industry leaders is closely cooperating to ensure safe, clean, compliant and reliable trading of digital assets,” the source said.<\/p>\n<\/blockquote>\n
Another source told the publication that Citadel Securities has ‘quietly hired executives’ for the project. According to a third source, the firm is negotiating on ‘a huge amount of systemic engagements’ by Citadel’s subsidiaries.<\/p>\n
Citadel Securities, Virtu Financial, Paradigm and Sequoia Capital did not provide comments to the publication.<\/p>\n
In October 2021, Citadel head Kenneth Griffin said<\/a> that his company would not back digital assets until the market is properly regulated.<\/p>\n
In April 2022, billionaire said his skepticism about cryptocurrencies was mistaken<\/a>. <\/p>\n
Later, Griffin compared digital assets to abstract art<\/a> and said that Citadel would enter the market as a liquidity provider.<\/p>\n