The institutional adoption of cryptocurrencies is still in full swing, according to the news that three leading finance firms have decided to collaborate on a crypto trading platform. These are Citadel Securities, Fidelity and Charles Schwab. So not just the first of the best names!
Finance giants opt for crypto
The news agency Reuters reported yesterday that these three giant finance companies plan to work together to make investing in crypto assets more accessible to people around the world.
According to the report, citing a source with direct knowledge, these three financial giants will be joined by Virtu Financial to develop a “crypto trading ecosystem” that will “enable retail brokerages to offer crypto foreclosures to their customers.” customers.” The project will also bring in venture capital firms Sequoia Capital and Paradigm, as well as a few more retail brokerages.”
Citadel Securities, which is separate from the infamous Citadel hedge fund, is one of the largest market makers in the world. It is responsible for executing at least 25% of the options trading volume in the stock market. Fidelity and Charles Schwab are two of the largest asset managers in the world with more than $12.5 trillion in assets under management.
Bloomberg reports that the crypto project is still in its infancy at the moment. It is therefore expected that the launch of the crypto trading platform will not be launched until the end of this year, or at the beginning of next year.
Institutional crypto adoption
It is indicative of the degree of adoption among major financial institutions that companies such as Fidelity and Charles Schwab want to facilitate the trade in cryptocurrencies. It shows that the crypto industry today is really taken seriously and that such institutions believe that there is a future in it.
In spite of the current rates of most cryptocurrencies, this trend of institutional adoption does not appear to be slowing at all. On the contrary, new major steps towards adoption are still being made almost every week by traditional companies in the finance sector.