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Citadel Securities, Virtu Are Working With Fidelity, Schwab on a Crypto Trading Platform: Report

Citadel Securities, Virtu Are Working With Fidelity, Schwab on a Crypto Trading Platform: Report

Retail brokerages Fidelity and Schwab are helping trade firms expand access to digital assets.

By Shomik Sen Bhattacharjee | Updated: 15 June 2022 15:00 IST

Citadel Securities, Virtu Are Working With Fidelity, Schwab on a Crypto Trading Platform: Report

Photo Credit: Twitter/ Citadel Securities

Citadel Securities is the sister company to hedge fund giant Citadel

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Highlights

Details of the venture are scarce for now
Schwab offers investors access to crypto via Bitcoin futures, trusts
Fidelity offers retail clients exposure to crypto through thematic ETFs

Market-makers Citadel Securities and Virtu Financial are in the process of building a cryptocurrency trading platform along with multinational financial services company Schwab that could roll out later this year or in early 2023. Venture capital giants Sequoia Capital and Paradigm, as well as a few retail brokerages, are also included in this project. Although details about the venture are sparse, the project will be Citadel and Virtu's first venture into the crypto world, which traditionally offers trading in equities and exchange-traded funds (ETFs).

Speaking to Bloomberg, Mayura Hooper, a spokeswoman for Schwab said the company will look to invest in firms and technologies in the cryptocurrency space with a strong regulatory focus and in a secure environment. While they don't have plans to offer direct crypto trading at this point, Hooper mentioned they will consider introducing direct access to cryptocurrencies when there is further regulatory clarity.

Ken Griffin, the founder of Citadel Securities, said the company plans to make markets in crypto, however, he didn't mention a specific timeline.

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Though few details about the venture are available, it could mark a significant step toward mainstreaming crypto trading for retail investors. At present, investors typically buy cryptocurrencies either from dedicated exchanges or through upstart brokerage apps.

Schwab offers investors access to crypto via Bitcoin futures and several crypto-oriented trusts that trade over the counter but does not permit direct trading in cryptocurrencies on its platform.

On the other hand, Fidelity has already made waves in the crypto space with the announcement of a plan to offer access to Bitcoin in its 401(k) plans, a move that has drawn scrutiny from regulators wary of the volatility of the asset class.

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Fidelity offers retail clients exposure to crypto through thematic exchange-traded funds but, like Schwab, does not offer direct trading of currencies on its platform.

Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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