Virtu Sees Crypto Market-Making Opportunity, Has Little Confidence in Incumbents, CEO Says

Virtu Financial's CEO is positive on building a crypto marketplace with Citadel Securities.

AccessTimeIconJun 9, 2022 at 4:29 p.m. UTC
Updated May 11, 2023 at 6:53 p.m. UTC

Virtu Financial (VIRT) sees a market-making opportunity in crypto as demand for the asset class grows, CEO Douglas Cifu said Wednesday during Piper Sandler’s global exchange and brokerage conference.

Cifu said he doesn’t hold a view on the crypto sector apart from wanting to build a proper ecosystem for institutions and thinks there’s a lack of confidence in the incumbent companies.

  • Meme Coin Liquidity Hits Record High
    00:46
    Meme Coin Liquidity Hits Record High
  • How Ledger Stax Plans to Make Self-Custody More Mainstream
    16:42
    How Ledger Stax Plans to Make Self-Custody More Mainstream
  • Why Dogecoin Is a 'Weird' Investment
    16:39
    Why Dogecoin Is a 'Weird' Investment
  • AI Tokens Surge as Nvidia Becomes World’s Most Valuable Company
    00:47
    AI Tokens Surge as Nvidia Becomes World’s Most Valuable Company
  • Citadel Securities approached New York-based Virtu, a high-frequency trading and market-making firm, on creating a crypto marketplace, according to Cifu. He sees room to collaborate in creating a platform that can scale, and one in which institutions have trust and want to participate should interest in crypto grow.

    “I don’t think that there’s a great deal of confidence” in a lot of the incumbents or newer players in the space, Cifu said. “Citadel is an amazing firm, and they’re a great partner.”

    CoinDesk reported earlier this week that U.S. electronic trading giant Citadel Securities is working with Virtu to build a “cryptocurrency trading ecosystem,” with venture capital firms Sequoia Capital and Paradigm also participating. Citadel Securities is the sister company to hedge fund giant Citadel.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Author placeholder image

    Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.


    Read more about