Citadel CEO Ken Griffin speaks on the 2022 Milken Institute World Convention in Beverly Hills, California, U.S., Might 2, 2022. REUTERS/Mike Blake
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NEW YORK, Might 2 (Reuters) – Ken Griffin, the billionaire founding father of Citadel Securities, one of many world’s greatest market-making corporations, stated on Monday he envisions the corporate coming into the cryptocurrency market as a mixture of a liquidity supplier and an alternate.
“Given the institutional enhance in curiosity in cryptocurrency, I believe it is affordable to anticipate to see us be extra concerned within the crypto house offering liquidity to institutional and probably retail traders,” Griffin stated on the Milken Institute World Convention in Los Angeles.
Whereas some market makers – corporations that present market liquidity by streaming purchase and promote quotes for others to commerce in opposition to – comparable to Virtu Monetary (VIRT.O), Soar Buying and selling and DRW, have embraced the nascent asset class, Citadel Securities has largely stayed on the sidelines.
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Griffin in October referred to as cryptocurrencies “a jihadist name that we do not imagine within the greenback.” read more
However on Monday he stated that whereas he’s skeptical about cryptocurrencies, he has to reside with the truth that an asset is value what folks understand it’s value.
“I additionally accumulate American summary artwork,” he stated. “Why is a portray value $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 almost $22 billion, shouldn’t be speeding its entry into the crypto market, as a result of it needs to make sure very excessive requirements round issues like anti-money-laundering, Griffin stated. read more
The corporate will goal to supply liquidity to the crypto market, however Griffin additionally stated Citadel Securities believes crypto alternate know-how is “essential” in serving to to convey patrons and sellers collectively.
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Reporting by John McCrank in New York
Modifying by Matthew Lewis
Our Requirements: The Thomson Reuters Trust Principles.
