Citadel Securities Founder Griffin Likens Crypto Value to Abstract Art | Investing News

Donna B. Jones

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NEW YORK (Reuters) – Ken Griffin, the billionaire founder of Citadel Securities, one of the world’s major market-making firms, explained on Monday he envisions the firm moving into the cryptocurrency sector as a mixture of a liquidity company and an trade.

“Given the institutional maximize in desire in cryptocurrency, I consider it truly is sensible to anticipate to see us be much more concerned in the crypto space providing liquidity to institutional and likely retail investors,” Griffin said at the Milken Institute International Conference in Los Angeles.

While some current market makers – corporations that offer industry liquidity by streaming acquire and market prices for some others to trade towards – this kind of as Virtu Economical, Jump Investing and DRW, have embraced the nascent asset course, Citadel Securities has mainly stayed on the sidelines.

Griffin in October identified as cryptocurrencies “a jihadist connect with that we do not believe that in the dollar.”

But on Monday he claimed that although he is skeptical about cryptocurrencies, he has to stay with the truth that an asset is worthy of what men and women understand it is value.

“I also gather American summary artwork,” he mentioned. “Why is a portray worthy of $10 million? It truly is oil on canvas. So price is in the eyes of the beholder.”

Citadel Securities, which after a funding round in January was valued at nearly $22 billion, is not speeding its entry into the crypto marketplace, mainly because it needs to assure quite high benchmarks all over items like anti-revenue-laundering, Griffin said.

The enterprise will intention to provide liquidity to the crypto industry, but Griffin also mentioned Citadel Securities believes crypto trade technologies is “pretty significant” in helping to carry potential buyers and sellers jointly.

(Reporting by John McCrank in New York Modifying by Matthew Lewis)

Copyright 2022 Thomson Reuters.

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