Citadel and Virtu are Building a Crypto-Trading Platform With Fidelity and Charles Schwab

Citadel and Virtu are Building a Crypto-Trading Platform With Fidelity and Charles Schwab - Report
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© Reuters. Citadel and Virtu are Building a Crypto-Trading Platform With Fidelity and Charles Schwab – Report

By Davit Kirakosyan

According to reports from Bloomberg News, Citadel Securities and Virtu Financial, Inc. (NASDAQ:) are building a cryptocurrency trading platform with help from brokerages Fidelity Investments and The Charles Schwab Corporation (NYSE:).

While Citadel Securities and Virtu declined to comment, people familiar with the matter said the product is currently in its early development stage and could be available in late 2022 or early 2023.

Mayura Hooper, a spokeswoman for The Charles Schwab Corporation, said the company will look to invest in firms and technologies in the cryptocurrency space with a strong regulatory focus and in a secure environment. While they don’t have plans to offer direct crypto trading at this point, Hooper mentioned they will consider introducing direct access to cryptocurrencies when there is further regulatory clarity.

Ken Griffin, the founder of Citadel Securities, said the company plans to make markets in crypto, however, he didn’t mention a specific timeline.

The news could have negative implications for crypto trading leader Coinbase (NASDAQ:).

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