Citadel, Fidelity, and Charles Schwab to Launch Cryptocurrency Trading Platform

Citadel, Fidelity, and Charles Schwab to Launch Cryptocurrency Trading
  • With the continued expansion of the cryptocurrency market, the financial world is beginning to embrace it as a valid option in support of conventional assets.
  • Kicking off the list, the big three companies Citadel, Fidelity Investments, and Charles Schwab Corp, have come together to implement an offering that will expand access to the world of cryptocurrencies.
  • For several of the companies participating in this project, the actions that are being taken regarding the crypto world were already in their plans for the future.

Support us with crypto to keep our newspaper alive

With the continued expansion of the cryptocurrency market, the financial world is beginning to embrace it as a valid option in support of conventional assets. This interest has begun to be seen in the large financial companies on Wall Street.

Kicking off the list, the big three companies Citadel, Fidelity Investments, and Charles Schwab Corp, have come together to implement an offering that will expand access to the world of cryptocurrencies.

According to the report citing a source with direct knowledge of the matter, Virtu Financial Inc. will join these three financial giants to develop a crypto trading ecosystem that will allow “retail brokerages to offer crypto executions to their clients.” The project that is in mind also seeks to bring in venture capital companies such as Sequoia Capital and Paradigm.

Interest in Cryptocurrencies

In a confirmation provided by Schwab to Reuters, through an email sent by the company’s spokeswoman, Mayura Hooper, it is mentioned that the company has made, “a minority passive strategic investment in a new digital asset company”, since he acknowledged “that there is considerable interest in cryptocurrencies.”

In a report provided by Bloomberg, it is mentioned that the project is still in its development stages and that it is estimated that it will be ready by the beginning of next year.

On the other hand, Fidelity spokeswoman Susan Coburn said, “The company supports efforts within the industry that provide the option of obtaining liquidity for our clients.”

Financial Giants and Cryptocurrencies

For several of the companies participating in this project, the actions that are being taken regarding the cryptographic world were already in their plans for the future.

A few months ago, a scheme implemented by Fidelity in which it allowed Bitcoin to enter its 401(k) accounts has caused controversy, leading to the US Department of Labor stating that it is a threat to the financial security of individuals. Americans.

In a report provided by Finbold, Fidelity Digital Assets, a branch that Fidelity opened to handle cryptocurrencies, is in the process of hiring a large number of crypto talents in order to increase its exposure in the crypto world. Fidelity Digital Assets currently employs almost 200 employees and has 210 more in the pipeline.

On the other hand, Schwab is not considering offering direct crypto trading. However, Hooper said that the firm “will consider introducing direct access to crypto when there is more regulatory clarity.”