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![Citadel Securities Chief Hints At Entering Cryptocurrency Market](https://c.ndtvimg.com/2022-05/nbenl8eo_ken3_625x300_03_May_22.jpg)
Ken Griffin, founding father of Citadel Securities stated he’s exploring cryptocurrency house
Ken Griffin, the billionaire founding father of Citadel Securities, one of many world’s largest market-making companies, stated on Monday he envisions the corporate getting into the cryptocurrency market as a mix of a liquidity supplier and an change.
“Given the institutional improve in curiosity in cryptocurrency, I believe it is cheap to count on to see us be extra concerned within the crypto house offering liquidity to institutional and probably retail traders,” Mr Griffin stated on the Milken Institute International Convention in Los Angeles.
Whereas some market makers – companies that present market liquidity by streaming purchase and promote quotes for others to commerce towards – similar to Virtu Monetary, Leap Buying and selling and DRW, have embraced the nascent asset class, Citadel Securities has largely stayed on the sidelines.
Mr Griffin in October referred to as cryptocurrencies “a jihadist name that we do not imagine within the greenback.”
However on Monday he stated that whereas he’s skeptical about cryptocurrencies, he has to dwell with the fact that an asset is price what individuals understand it’s price.
“I additionally acquire American summary artwork,” he stated. “Why is a portray price $10 million? It is oil on canvas. So worth is within the eyes of the beholder.”
Citadel Securities, which after a funding spherical in January was valued at practically $22 billion, just isn’t speeding its entry into the crypto market, as a result of it desires to make sure very excessive requirements round issues like anti-money-laundering, Mr Griffin stated.
The corporate will goal to supply liquidity to the crypto market, however Mr Griffin additionally stated Citadel Securities believes crypto change expertise is “crucial” in serving to to convey patrons and sellers collectively.
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