Financial Behemoths Partner For New Bitcoin, Crypto Trading Platform: Report

Financial Behemoths Partner For New Bitcoin, Crypto Trading Platform: Report thumbnail

The new trading platform from Fidelity, Citadel Securities, Virtu Financial and Charles Schwab will enable wide access to bitcoin and other cryptocurrencies.

The new trading platform from Fidelity, Citadel Securities, Virtu Financial and Charles Schwab will enable wide access to bitcoin and other cryptocurrencies.

  • A group of financial services giants are teaming up for a cryptocurrency trading platform.
  • Among the participants are Citadel Securities, Virtu Financial Inc, Fidelity Investments, and Charles Schwab.
  • The platform is reportedly expected to go live later this year or early 2023.

A quartet of financial giants consisting of market makers Citadel Securities and Virtu Financial Inc. and retail brokers Fidelity Investments and Charles Schwab Corp are developing a cryptocurrency trading platform, according to a report from Bloomberg.

Citadel and Virtu are developing the offering which will include bitcoin and other cryptocurrencies. Charles Swab and Fidelity will help facilitate the process through the existing infrastructure that will allow for the product to reach mass appeal. This marks the first time Virtu and Citadel have been able to get into the bitcoin ecosystem. Virtu and Citadel are the traditional leaders in the world of equities (ETFs) and exchange traded funds. Hedge fund billionaire Ken Griffin founded Citadel Securities and, just last year, referred to bitcoin and other cryptocurrencies as “a jihadist call” against the U.S dollar.

Conversely, 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 offering a 401(k) plan that is bitcoin-accessible.

Similarly, Charles Schwab entered the space enabling investors to purchase bitcoin futures contracts. Mayura Hooper, spokeswoman for the brokerage company, stated that it “has made a minor strategic investment in a digital asset venture.”

Hooper continued to say “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.”

Hooper elaborated that the company had no near intentions of offering direct bitcoin trading at this time, but noted the company “will consider introducing direct access to cryptocurrencies when there is further regulatory clarity.”

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