Citadel Securities, alongside Virtu Financial Inc (NASDAQ:VIRT) and venture capital firms Sequoia Capital and Paradigm, is building a cryptocurrency trading ecosystem.
With this, retail brokers would be able to offer better crypto-execution to customers.
Why It Matters: Fidelity Investments and Charles Schwab Corporation (NYSE:SCHW) are also involved in the ecosystem build.
The two are keen on addressing the interest in digital assets with Fidelity, in particular, unveiling in April a product that would allow 401(k) plan participants to direct savings to crypto.
“It’s more of a crypto trading ecosystem or marketplace than an exchange,” CoinDesk reported a source as saying. “It’s going to take on the exchanges by building a better mousetrap.”
