- A group of financial services giants are teaming up for a cryptocurrency trading platform.
- Participants include Citadel Securities, Virtu Financial Inc., Fidelity Investments and Charles Schwab.
- The platform is reportedly expected to go live by the end of this year or early 2023.
According to a report, a quartet of financial giants, including market makers Citadel Securities and Virtu Financial Inc. and retail brokers Fidelity Investments and Charles Schwab Corp, are developing a cryptocurrency trading platform. bloomberg,
Stronghold and Virtue are developing proposals that will include bitcoin and other cryptocurrencies. Fidelity and Charles Swab will assist with the process through existing infrastructure that will allow the product to reach mass appeal.
This is the first realization for Citadel and Virtue to be immersed in the bitcoin ecosystem, which has traditionally led the world of equities and exchange-traded funds (ETFs). Citadel Securities, a subsidiary of Citadel LP, currently owned by hedge fund billionaire Ken Griffin, last year referred to bitcoin and other cryptocurrencies as a “jihadist call” against the US dollar.
In contrast, Fidelity has already entered the space with Bitcoin First, a publication explaining why investors should always invest in bitcoin before any other digital asset, as well as a bitcoin-accessible 401(k) plan. should offer.
Similarly, Charles Schwab entered the space to enable investors to purchase bitcoin futures contracts. According to spokesperson Mayura Hooper, the brokerage reportedly made “a minority, passive strategic investment in a new digital asset venture.”
“We know there is significant interest in this cryptocurrency space and we would like to invest in firms and technologies working to provide access in a strong regulatory focus and secure environment,” Hooper said.
Hopper elaborated that the company had no intention of offering direct bitcoin trading at this time, but added that “when there is further regulatory clarity, the company will consider introducing direct access to the cryptocurrency.”