Media: Citadel Securities will create an "ecosystem" for trading cryptocurrencies

Market maker Citadel Securities, a subsidiary of hedge fund Citadel, intends to create an “ecosystem” for tradingcryptocurrencies. CoinDesk writes about this, citing sources.

According to one of them, among the partners -specializing in high-frequency trading and market making Virtu Financial, as well as venture capital firms Sequoia Capital and Paradigm. The interlocutor did not rule out the expansion of the list by other asset managers and industry leaders.

“This is more like a trading ecosystem or a marketplace than an exchange,” the source explained.

He noted that the project will create "more efficient access to deep pools of liquidity."

“Therefore, a group of industry leaders are working closely together to ensure safe, clean, compliant and reliable digital asset trading,” the source said.

Another source told the publication that CitadelSecurities was "quietly hiring executives" for the project. According to a third source, the firm is in talks about "a huge amount of systematic involvement of [Citadel's] subsidiaries."

Citadel Securities, Virtu Financial, Paradigm and Sequoia Capital declined to comment.

In October 2021, the head of Citadel, Kenneth Griffin, said that his company would not support digital assets until this market was properly regulated.

Recall that in April 2022, the billionaire called his skepticism about cryptocurrencies erroneous.

Griffin later compared digital assets to abstract art and stated that Citadel would enter the market as a liquidity provider.