(Bloomberg) -The Citadel Securities, Ken Griffin's huge, looks to become a liquidity provider for cryptocurrencies, President Donald Trump's embroidery betting of the industry will guide in prosperity for the asset class.
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It is a clear collar from the company's prudent stance before making a crypto market. Citadel Securities has a limited presence in crypto trading, after clearly steering from exchanges attended by retail investors due to the lack of regulations around it in the US.
The company aims to be added to the market makers' list on various exchanges, including those run by Coinbase Global Inc., Binance Holdings and Crypto.com, according to people familiar with the matter .
Once the company is approved on exchanges, it plans to set up the market making teams outside the US initially, the people said, asking for not to be identified as the Plans publicly. The size of the push and citadel could change based on how or whether new regulations are being introduced in the coming months.
Citadel Securities of Miami had no immediate comment.
To date, Citadel Securities has remained off major crypto settings attended by retail traders. After FTX Sam Bankman-Fried's fall in 2022, crypto exchanges drew criticism for failure to separate businesses-including custody, market making and trading-which can lead to conflict of interest and in money handling.
In order to create some assurance and servicing institutional clients, Citadel Securities joined brokerage companies, including Charles Schwab and Fidelity Investments, to form an organisation's crypto exchange that only reflected the way assets are caught and ' u settle in stock and bond markets. That location, EDX Markets, went alive in 2023, and offers trading in crypto products only to institutional investors.
Citadel guarantees and other financial companies have been pressing regulators to establish rules about investing in digital assets, creating a roadmap for organizations to participate. If the United States does, the company wants to be prepared to provide liquidity, buy and sell digital assets as they do in other asset classes such as equity and stable income, the people said.
'Capital Crypto'
The financial industry is preparing for more activity in digital assets under the Trump administration.