Citadel, Charles Schwab, Fidelity Join Forces to Build Cryptocurrency Trading Platform

Citadel Securities and Virtu Financial are reportedly constructing a cryptocurrency buying and selling platform with assist from Fidelity Investments and Charles Schwab. “We know there’s important curiosity on this cryptocurrency house and we are going to look to spend money on companies and applied sciences working to supply entry with a powerful regulatory focus and in a safe atmosphere,” stated Schwab.

Citadel, Virtu, Fidelity, Schwab Building Crypto Trading Platform

Global market maker Citadel Securities and Virtu Financial are constructing a cryptocurrency buying and selling platform with assist from retail brokerage giants Fidelity Investments and Charles Schwab, Bloomberg reported Tuesday, citing individuals conversant in the matter.

The crypto product continues to be in its early improvement, the individuals stated, including that it may very well be accessible late this yr or early subsequent yr.

A spokesperson for Schwab, Mayura Hooper, stated the brokerage big “has made a minority, passive strategic funding in a brand new digital asset enterprise.” She added:

We know there’s important curiosity on this cryptocurrency house and we are going to look to spend money on companies and applied sciences working to supply entry with a powerful regulatory focus and in a safe atmosphere.

The spokesperson additional revealed that her firm presently doesn’t have plans to supply direct crypto buying and selling. However, she famous that “when there’s additional regulatory readability,” the brokerage agency “will take into account introducing direct entry to cryptocurrencies.”

Citadel Securities founder Ken Griffin stated in March that his firm plans to make markets in crypto “over the months to return.”

A spokeswoman for Fidelity, Susan Coburn, advised the publication that the monetary companies agency “helps efforts throughout the trade that present optionality to supply liquidity for our purchasers.”

Fidelity stated in April that it’ll enable bitcoin in 401(ok) accounts. This announcement upset the U.S. Labor Department and several lawmakers.

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