Market maker Citadel Securities, a subsidiary of the Citadel hedge fund, plans to create an “ecosystem” for cryptocurrency trading. CoinDesk writes about it, citing sources.

Partners include high-frequency trading and market maker Virtu Financial, and venture capital firms Sequoia Capital and Paradigm. The interlocutor did not exclude the expansion of the list by other asset managers and industry leaders.

“This is more like a trading ecosystem or a marketplace than an exchange,” the source said.

He noted that the project will create “more efficient access to deep liquidity pools.”

“Therefore, a group of industry leaders is working together to provide safe, clean, compliant and reliable digital asset trading,” the source said.

Another source said Citadel Securities was “quietly hiring executives” for the project. According to a third interlocutor, the firm is negotiating “the systematic involvement of multiple subsidiaries.” [Citadel]”.

Citadel Securities, Virtu Financial, Paradigma and Sequoia Capital declined to comment.

In October 2021, Citadel president Kenneth Griffin said his company will not support digital assets until this market is properly regulated.

Recall that in April 2022, the billionaire described his skepticism about cryptocurrencies as false.

Griffin then compared digital assets to abstract art and stated that Citadel would enter the market as a liquidity provider.