The new “cryptocurrency trading ecosystem” will be designed to create more efficient access to liquidity in crypto assets for institutional traders. The firm appears indifferent to the deepening bear market in the crypto sector, which has seen the total market capitalization drop nearly 60% since November 2021.
Not afraid of bears
There has been remarkable interest in the financial institutions asset class during the last bull market. They typically anticipate longer-term returns, so they are unlikely to be deterred by current crypto market conditions, which have happened many times before. On the contrary, bear markets offer greater profit opportunities if you invest in assets at depressed prices.
According to the source, who spoke to Coindesk, the Citadel consortium will be joined by other wealth managers, market makers and industry leaders who are expected to be part of the platform ahead of its launch. However, they did not specify a timeline for the launch.
The source added that the current structure of the crypto market is “deficient and prevents wider adoption by many investors” before going on to explain:
“It’s more of a crypto-trading ecosystem or marketplace than an exchange. He’s going to support trade by building a better mousetrap.
The company has also hired executives to build the crypto stack discreetly.
Virtu Financial is a market maker for crypto derivatives and exchange-traded funds (ETFs) in Canada. According to reports, it also works closely with Coinbase and Gemini exchanges.