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 plansto 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. Tags in this story Charles Schwab, Charles Schwab crypto, Charles Schwab cryptocurrency, citadel, citadel securities, crypto exchange, Crypto trading platform, fidelity, Fidelity Investments

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. Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Paypal Upgrades Crypto Service — Now Lets Users Transfer Cryptocurrencies to Other Wallets, Exchanges FEATURED | 3 hours ago Elon Musk Accuses Twitter of "Material Breach" of Agreement — Threatens to End $44B Deal FEATURED | 2 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articlePaypal Upgrades Crypto Service — Now Lets Users Transfer Cryptocurrencies to Other Wallets, Exchanges Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItGoldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40%

The American economy continues to look gloomy and signals pointing toward a looming recession continue to appear. In a note sent to clients this week, Goldman Sachs’ chief economist said the bank envisions the “odds of a recession as roughly ... read more.Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design