Citadel Securities is working with Virtu Financial to build a crypto trading platform. They are supported by Charles Schwab and Fidelity investments. “We know there is significant interest in this cryptocurrency space and we will look to invest in firms and technologies working to offer access with a strong regulatory focus and in a secure environment,” said Schwab.
Citadel, Virtu, Fidelity, Schwab Building Crypto Trading Platform
Bloomberg reports Tuesday that global market maker Citadel Securities is working with Virtu Financial to build a cryptocurrency trading platform, with support from Charles Schwab and Fidelity Investments, according to people who are familiar with the matter.
According to people, the crypto product is still under development and could become available in late or early next year.
A spokesperson for Schwab, Mayura Hooper, said the brokerage giant “has made a minority, passive strategic investment in a new digital asset venture.” She added:
We are aware of the high interest in cryptocurrency and will invest in companies and technologies that offer crypto access in an environment with strong regulation and security.
She also stated that the company does not plan to provide direct access to crypto trading. However, she noted that “when there is further regulatory clarity,” the brokerage firm “will consider introducing direct access to cryptocurrencies.”
Citadel Securities founder Ken Griffin said in March that his company plans to make markets in crypto “over the months to come.”
A spokeswoman for Fidelity, Susan Coburn, told the publication that the financial services firm “supports efforts within the industry that provide optionality to source liquidity for our clients.”
Fidelity stated in April that bitcoin will be allowed in 401 (k) accounts. This news upset several U.S. lawmakers and the U.S Labor Department.
You think Citadel should build a crypto trading platform, with Fidelity or Schwab. Comment below.
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