Virtu and Citadel Securities Build Crypto Trading Platform With Brokerages

By: Dickson Arinze

June 8, 2022 12:35 AM

Virtu Financial Inc and Citadel Securities are building a crypto trading platform along with brokerages such as Fidelity Investments and Charles Schwab Corp.

Both company's are joining forces to develop a crypto plan with help from Fidelity and Schwab that would facilitate access to digital assets.

However, according to the information from some individuals who are familiar with the matter but asked to stay anonymous as this seems to be a private plan, the product could be made available at the 4th quarter of this year or within the early 2023.

Meanwhile, as reported by Bloomberg,  Virtu and Citadel Securities representatives have refused to comment on the matter at the time of writing.

Citadel Securities and Virtu, two dominant trading firms in traditional financial markets like equities and exchange traded funds will be making their first major crypto push, joining other market makers such as Jump Trading and Jane Street that are already active in crypto via venture investments and trading.

Susan Coburn, a representative of Fidelity, stated that the  firm “supports efforts within the industry that provide optionality to source liquidity for our clients.”

Nonetheless, according to Schwab, the firm “has made a minority, passive strategic investment in a new digital asset venture.” spokeswoman Mayura Hooper stated in an E-mail saying. “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.”

Schwab doesn’t have plans to offer direct crypto trading at this point, but “will consider introducing direct access to cryptocurrencies when there is further regulatory clarity,” spokeswoman Hooper added.

According to the people, regulatory uncertainty and future market conditions could alter the plans. Aspects of Citadel Securities and Virtu’s efforts were earlier reported by CoinDesk.

In a January interview, Walt Bettinger, the CEO of Schwab expressed interest in crypto.  he called crypto “hard to ignore,” stating that “there’s a tremendous void in that space today for a firm like Schwab.”