Citadel Securities and Virtue Financial are reportedly working with Fidelity Investments and Charles Schwab to build a cryptocurrency trading platform.” Schwab said, “We know there is great interest in this cryptocurrency space and we are looking to invest in companies and technologies that are working to provide access in a secure environment with a strong regulatory focus.
Citadel, Virtue, Fidelity, Schwab build crypto trading platforms
Global market makers Citadel Securities and Virtue Financial are building a cryptocurrency trading platform with the help of retail brokerage giants Fidelity Investments and Charles Schwab, Bloomberg reported Tuesday, citing officials .
The crypto product is still in its early development, the people said, adding that it could be available later this year or early next year.
Schwab spokesperson Mayura Hooper said the brokerage giant has made “a few, passive strategic investments in new digital asset ventures.” She added:
We know there is great interest in this cryptocurrency space and we will continue to consider investing in companies and technologies that are working to provide access in a secure environment with a strong regulatory focus.
The spokesperson further clarified that the company does not currently have plans to offer direct crypto trading. However, she noted that “when there is further regulatory clarification,” the brokerage firm will “consider introducing direct access to cryptocurrencies.”
Citadel Securities founder Ken Griffin said in March that the firm plans to market in crypto “in the coming months.”
Fidelity spokeswoman Susan Coburn told the publication that the financial services firm “supports efforts within the industry to provide optionality to raise liquidity for our clients.”
Fidelity announced in April that it would allow bitcoin in 401(k) accounts. The announcement upset the U.S. Department of Labor and several lawmakers.
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