NEW YORK (Reuters) – Ken Griffin, the billionaire founder of Citadel Securities, just one of the world’s most important industry-building corporations, mentioned on Monday he envisions the corporation moving into the cryptocurrency industry as a mixture of a liquidity supplier and an trade.
“Presented the institutional improve in fascination in cryptocurrency, I assume it really is realistic to be expecting to see us be a lot more included in the crypto space offering liquidity to institutional and potentially retail investors,” Griffin mentioned at the Milken Institute Global Conference in Los Angeles.
Although some sector makers – corporations that offer market liquidity by streaming acquire and sell rates for others to trade in opposition to – these kinds of as Virtu Monetary, Bounce Trading and DRW, have embraced the nascent asset class, Citadel Securities has mainly stayed on the sidelines.
Griffin in Oct called cryptocurrencies “a jihadist connect with that we you should not believe that in the dollar.”
But on Monday he mentioned that although he is skeptical about cryptocurrencies, he has to live with the truth that an asset is worthy of what people understand it is really worth.
“I also acquire American abstract artwork,” he claimed. “Why is a painting truly worth $10 million? It really is oil on canvas. So value is in the eyes of the beholder.”
Citadel Securities, which just after a funding spherical in January was valued at just about $22 billion, is not hurrying its entry into the crypto current market, for the reason that it wishes to ensure incredibly high expectations around issues like anti-funds-laundering, Griffin said.
The business will purpose to present liquidity to the crypto industry, but Griffin also reported Citadel Securities thinks crypto exchange technological innovation is “really vital” in serving to to bring potential buyers and sellers alongside one another.
(Reporting by John McCrank in New York Modifying by Matthew Lewis)
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