Trading firms Citadel Securities, Virtu building crypto-trading ecosystem- source

This post was originally published on this site

https://i-invdn-com.investing.com/trkd-images/LYNXMPEI560V1_L.jpg

The consortium of firms behind the project includes venture capital firms Sequoia Capital and Paradigm, as well as a few retail brokerages, the source said.

The project, which was first reported by CoinDesk, is still very early in its development, the source said.

Bloomberg reported the firms were developing a crypto offering with help from Fidelity Investments and Charles Schwab (NYSE:SCHW) Corp that would widen access to digital assets, citing people familiar with the matter.

Schwab told Reuters on Tuesday it had made a minority, passive strategic investment in a new digital asset venture.

“We recognize that there is considerable interest in cryptocurrencies … and will consider introducing direct access to cryptocurrencies when there is further regulatory clarity,” Schwab said in a statement.

The product, still in its early development, could be available late this year or early next, the Bloomberg report said.