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Citadel, Charles Schwab, Fidelity Join Forces to Build Cryptocurrency Trading Platform

Citadel, Charles Schwab, Fidelity Join Forces to Build Cryptocurrency Trading Platform

Citadel Securities and Virtu Financial are reportedly building a cryptocurrency trading platform with help from Fidelity Investments and Charles Schwab. “We know there is significant interest in this cryptocurrency space and we will look to invest in firms and technologies working to offer access with a strong regulatory focus and in a secure environment,” said Schwab.

Citadel, Virtu, Fidelity, Schwab Building Crypto Trading Platform

Global market maker Citadel Securities and Virtu Financial are building a cryptocurrency trading platform with help from retail brokerage giants Fidelity Investments and Charles Schwab, Bloomberg reported Tuesday, citing people familiar with the matter.

The crypto product is still in its early development, the people said, adding that it could be available late this year or early next year.

A spokesperson for Schwab, Mayura Hooper, said the brokerage giant “has made a minority, passive strategic investment in a new digital asset venture.” She added:

We know there is significant interest in this cryptocurrency space and we will look to invest in firms and technologies working to offer access with a strong regulatory focus and in a secure environment.

The spokesperson further revealed that her company currently does not have plans to offer direct crypto trading. However, she noted that “when there is further regulatory clarity,” the brokerage firm “will consider introducing direct access to cryptocurrencies.”

Citadel Securities founder Ken Griffin said in March that his company plans to make markets in crypto “over the months to come.”

A spokeswoman for Fidelity, Susan Coburn, told the publication that the financial services firm “supports efforts within the industry that provide optionality to source liquidity for our clients.”

Fidelity said in April that it will allow bitcoin in 401(k) accounts. This announcement upset the U.S. Labor Department and several lawmakers.

What do you think about Citadel building a crypto trading platform with the help of Fidelity and Schwab? Let us know in the comments section below.

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