New trading platform from Fidelity, Citadel Securities, Virtu Financial and Charles Schwab will enable broad access to bitcoin and other cryptocurrencies.
- A group of financial services giants are teaming up for a cryptocurrency trading platform.
- Participants include Citadel Securities, Virtu Financial Inc, Fidelity Investments and Charles Schwab.
- The platform is expected to go live later this year or early 2023.
According to a report by Bloomberg.
Citadel and Virtu are developing the offering which will include bitcoin and other cryptocurrencies. Fidelity and Charles Swab will assist the process with the existing infrastructure that will enable the product to achieve mass appeal.
This marks the first immersion refresh in the bitcoin ecosystem for Citadel and Virtu, which have traditionally dominated the world of stocks and exchange-traded funds (ETFs). Hedge fund billionaire Ken Griffin founded Citadel Securities and just last year called bitcoin and other cryptocurrencies a “jihadi call” against the US 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 accessible to bitcoin.
Likewise, Charles Schwab has entered the space allowing investors to buy bitcoin futures. The brokerage has reportedly “made a minority, passive strategic investment in a new digital asset venture,” according to spokeswoman Mayura Hooper.
Hooper went on to say, “We know there is significant interest in this cryptocurrency space and we will seek to invest in companies and technologies working to deliver access with a strong regulatory focus and in a secure environment.”
Hooper clarified that the company has no plans to offer direct bitcoin trading at this time, but noted that the company “will consider introducing direct access to cryptocurrencies when regulations become clearer.” .
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