Trading firms Citadel Securities and Virtu are building a crypto-trading ecosystem – source

0

The Citadel Securities logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 12, 2022. REUTERS/Brendan McDermid

Join now for FREE unlimited access to Reuters.com

Register

NEW YORK, June 7 (Reuters) – Trading firms Citadel Securities and Virtu Financial Inc (VIRT.O) are collaborating on a cryptocurrency trading “ecosystem” that will allow retail brokers to offer crypto executions to their customers, according to a source with direct knowledge of the matter.

The consortium of companies behind the project includes venture capital firms Sequoia Capital and Paradigm, as well as a few retail brokers, the source said.

The project, which was first reported by CoinDesk, is still very early in its development, the source said.

Join now for FREE unlimited access to Reuters.com

Register

Bloomberg reported that the companies are developing a crypto offering with help from Fidelity Investments and Charles Schwab Corp that would expand access to digital assets, citing people familiar with the matter.

Schwab told Reuters on Tuesday that he had made a minority passive strategic investment in a new digital asset business.

“We recognize that there is considerable interest in cryptocurrencies…and will consider introducing direct access to cryptocurrencies when regulations become clearer,” Schwab said in a statement.

The product, still in early development, could be available late this year or early next year, according to the Bloomberg report.

Join now for FREE unlimited access to Reuters.com

Register

Reporting by John McCrank; Additional reporting by Praveen Paramasivam in Bengaluru; Editing by Chris Reese and Shinjini Ganguli

Our standards: The Thomson Reuters Trust Principles.


Source link

Share.

Comments are closed.