Oh, the irony of fate, the whims of fortune! Citadel Securities, the very paragon of market-making, now finds itself on the precipice of a new and perilous venture: the crypto exchanges. Yes, dear reader, the same Citadel that once shied away from the chaotic realm of retail crypto trading now contemplates a plunge into the very heart of the beast. 🐲
According to Bloomberg, which cites unnamed sources with a penchant for the dramatic, Citadel is eyeing some of the largest crypto exchanges, such as Binance, Coinbase, and Crypto.com. The firm, it seems, is planning to set up market-making teams outside the United States, as if to avoid the watchful eyes of the regulators. 🕵️♂️
And why, you might ask, is Citadel making this move? Ah, it is said that a market boom is on the horizon, thanks to the Trump administration’s benevolent gaze upon the crypto world. But, as with all things in this capricious market, the extent of Citadel’s involvement will depend on the regulatory landscape. Should the laws become clear, Citadel will be ready to provide liquidity and engage in crypto trading as they do with any other asset class. 📊
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CryptoMoon reached out to Citadel Securities, but, alas, received no immediate response. Perhaps they are too busy plotting their next move in this grand chess game. 🏦
It is worth noting that Citadel Securities has not been entirely absent from the crypto scene in recent years. In June 2023, they partnered with Charles Schwab and Fidelity Investments to launch EDX Markets, an institution-only crypto exchange. And, of course, there was the ill-fated partnership with Terraform Labs. 🕊️
Former Terraform CEO Do Kwon, in his dramatic fashion, accused Citadel Securities of intentionally shorting the TerraClassicUSD (USTC) stablecoin, leading to its collapse in May 2022. Kwon argued that the stablecoin’s demise was not due to any inherent instability but rather the machinations of Citadel. 🤡
Terraform filed a lawsuit, demanding additional documents from Citadel. In response, Citadel Securities claimed that they had only engaged in two test transactions, totaling a mere $0.13, and thus could not have been responsible for the depeg. The lawsuit, it seems, went nowhere. 📜
Before this, in January 2022, crypto-focused venture capital firms Sequoia Capital and Paradigm invested a combined $1.15 billion in Citadel Securities, a sign of the firm’s growing influence in the crypto space. 🤝
Citadel, the hedge fund, was founded in 1990 by Ken Griffin, and now boasts over $63 billion in assets under management, making it one of the largest hedge funds in the world. Citadel Securities, launched in 2002, serves more than 1,600 institutional clients, including many of the world’s largest central banks and sovereign wealth funds. 🏦
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2025-02-25 04:22