US hedge fund Citadel plans to start making markets in crypto soon: Crypto Moves

RIYADH: Citadel, a US hedge fund and asset management company, plans to start making markets in crypto in the coming months, the Chief Executive Officer and founder, Ken Griffin, said, in an interview with Bloomberg on Thursday.

“To the extent that we’re trying to help institutions and investors solve their portfolio allocation problems, we have to give serious consideration to being a market maker in crypto,” Griffin said.

He added: “It’s fair to assume that over the months to come, you will see us engage in making markets in cryptocurrencies.”

Citadel manages assets of over $30 billion.

Daily trading

Bitcoin, the leading cryptocurrency internationally, traded lower on Sunday, falling by 2.22 percent to $38,239 at 2:32 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $2,599, down by 1.95 percent, according to data from Coindesk.

Other news:

US business investment show Shark Tank star, Kevin O’Leary revealed in a series of tweets on Thursday that a group of US lawmakers is working on a policy to open crypto markets to institutional investors.

“Spent my day at the Senate with a bi-partisan group of policy makers who get the joke on crypto. They are working on policy that will open these markets to institutional investors,” O’Leary tweeted.

“The good news is they are all over it, and agree there is tremendous opportunity once they pass policy. Stay tuned, I left them feeling optimistic,” he added.

In a different tweet last week, O’Leary said: “Bitcoin, Ethereum, Polygon, all these blockchains — it’s all software. The growth rate of these new innovations is phenomenal, and there’s capital coming in from all around the world.”

O’Leary has repeatedly said that many institutional investors are waiting to be able to invest in Bitcoin and other cryptocurrencies, Bitcoin.com reported.