Foreign media “CoinDesk” quoted people familiar with the matter as saying that market maker giant Citadel Securities is rumored to be working with high-frequency trading firm Virtu Financial, well-known venture capital Sequoia and cryptocurrency venture capital Paradigm to build a ” cryptocurrency”. Currency Trading Ecosystem”.
Citadel Securities is a sister company of the leading US hedge fund “Citadel”, which manages $38 billion in assets. It was previously rumored that Citadel had defeated the algorithmic stable currency UST with $80 million through a series of smashing operations. , but was later denied by Citadel.
In response to the aforementioned “cryptocurrency trading ecosystem,” the sources added that early investors in Citadel Securities will join other wealth managers, market makers and industry leaders to join the platform before the system’s official launch. Earlier this year, Sequoia and Paradigm invested $1.15 billion in Citadel.
The source pointed out that the “cryptocurrency trading ecosystem” aims to create a more efficient deep liquidity pool for digital assets, and industry leaders are working closely to promote safe, transparent, and compliant digital asset trading.
The source added that flaws in the current structure of the cryptocurrency market are preventing widespread adoption of cryptocurrencies by many investors, a problem the Citadel Securities Trading Alliance is addressing.
It is more of a cryptocurrency trading ecosystem or marketplace than an exchange. It will deal with exchanges by building a better “mousetrap” (bait tool).
Billionaire and founder of Citadel and Citadel Securities, Ken Griffin, announced in March that he hoped his company would enter the cryptocurrency market this year, offering digital asset services to its clients. Ken Griffin, who has been against cryptocurrencies in the past, criticized “Bitcoin is a bubble” in 2017, saying that “Although Bitcoin is not a scam, such bubbles often end in tragedy”, and warned young people to stay away from cryptocurrencies.
In March of this year, Ken Griffin took a turn, admitting that he was wrong in his opposition to cryptocurrencies, saying, “Cryptocurrency has been one of the great stories in finance for the past 15 years.”