A crypto investment firm backed by financial giant Citadel is reportedly eyeing a $1 billion valuation after launching its latest round of fundraising. According to a new Bloomberg report, anonymous people familiar with the matter say that Hidden Road Partners, a startup prime brokerage focused on digital assets, is raising funds in a Series B […]
The post Crypto-Focused Investment Firm Backed by Citadel Eyeing $1,000,000,000 Valuation in Latest Raise: Report appeared first on The Daily Hodl.
Citadel CEO Ken Griffin says inflation may have peaked but a recession is coming. “We’re in a very uncertain time for investors,” the executive cautioned, adding that the Federal Reserve “is grappling with a level of inflation we haven’t seen in a long time.” Citadel’s Ken Griffin on U.S. Economy, Inflation, Recession, and Cryptocurrency Kenneth […]
A number of financial giants including Fidelity Investments, Citadel Securities, and Charles Schwab Corp. announced on Tuesday that the consortium of companies plans to launch a cryptocurrency exchange called EDX Markets. Reports note that firms like Paradigm, Sequoia Capital, and Virtu Financial are also backing the new crypto trading platform. The story was first reported […]
Citadel Securities and Virtu Financial are reportedly building a cryptocurrency trading platform with help from Fidelity Investments and Charles Schwab. “We know there is significant interest in this cryptocurrency space and we will look to invest in firms and technologies working to offer access with a strong regulatory focus and in a secure environment,” said […]
A consortium of financial giants are working to build a new crypto trading platform that could be available by the end of this year or early 2023. According to a report from Bloomberg, multinational financial services titans Charles Schwab, Fidelity and Virtu Financial, along with hedge fund giant Citadel Securities are working on a new […]
The post Financial Titans Fidelity, Citadel and Charles Schwab Building New Crypto Trading Platform: Report appeared first on The Daily Hodl.
Prominent blue-chip institutions are debunking rumors circulating on social media that they had a hand in the recent collapse of Ethereum challenger Terra (LUNA) after its algorithmic stablecoin depegged from the dollar. According to a new report by Bloomberg, massive institutional investors such as BlackRock and Citadel Securities are pushing back against the notion that […]
The post Citadel Securities, BlackRock Push Back Against Rumors of Involvement in Terra (LUNA) Collapse: Report appeared first on The Daily Hodl.
On Monday, May 9, 2022, the stablecoin terrausd (UST) lost its parity with the U.S. dollar and dropped to an all-time low of $0.66 per unit. The stablecoin has been one of the most topical discussions in crypto during the past 24 hours, as many have been betting on whether it will fail or recover. […]
Citadel CEO Ken Griffin, a bitcoin skeptic, admits he has not been right on his crypto call. He now says: “It’s fair to assume that over the months to come, you will see us engage in making markets in cryptocurrencies.” Citadel Getting Into Crypto The CEO and founder of financial services firm Citadel, billionaire Ken […]
Crypto critic Ken Griffin is changing his stance on digital assets as the global crypto market cap grew from just over $748 billion in 2018 to around $2 trillion today. The CEO and founder of hedge fund manager Citadel, who once said that he does not see the economic underpinning of cryptocurrencies, tells Bloomberg in […]
The post Billionaire Hedge Fund Manager Says He Was Wrong About Crypto, Hints at Getting Involved in Coming Months appeared first on The Daily Hodl.
Company founder Ken Griffin has backtracked on his anti-crypto stance and wants his firm to offer digital assets to its clients this year.
American multinational hedge fund and financial services company Citadel is poised to enter cryptocurrency markets this year.
Speaking on Bloomberg Wealth with David Rubenstein, Citadel founder Ken Griffin commented on the current state of markets in light of recent geopolitical conflicts stating that they are at a “very volatile inflection point.”
When the interview turned to digital assets, Griffin who has previously warned the younger generation away from them and said “there’s no need for cryptocurrencies,” revealed that the firm would be engaging in crypto asset markets this year.
“It’s fair to assume that over the months to come, you will see us engage in making markets in cryptocurrencies.”
Its quite the turnaround from November 2017, when Griffin said: “Bitcoin right now has many of the elements of the tulip bulb mania we saw back hundreds of years ago in Holland.” At the time, when BTC was trading around $10,000, he added “these bubbles tend to end in tears. And I worry about how this bubble might end.”
During the Bloomberg Wealth interview Griffin acknowledged that he was wrong to have been in the "naysayer camp" with regard to digital assets. “Crypto has been one of the great stories in finance over the course of the last 15 years,” he stated before adding:
“And I’ll be clear, I’ve been in the naysayer camp over that period of time. But the crypto market today has a market capitalization of about $2 trillion in round numbers, which tells you that I haven’t been right on this call.”
He said that he was still skeptical but “there are hundreds and millions of people in this world today who disagree with that.”
“To the extent that we’re trying to help institutions and investors solve their portfolio allocation problems, we have to give serious consideration to being a market maker in crypto.”
Citadel analyzes global markets employing a range of strategies to deliver market-leading investment returns to its capital partners. Griffin wants the firm to encompass crypto assets into these strategies over the coming months.
In January, Citadel Securities announced its first outside investment worth $1.15 billion from two prominent crypto venture capital firms Sequoia Capital and Paradigm. Citadel, which currently has around $38 billion in assets under management, was valued at $22 billion following the investments.
Related: Citadel Securities takes in $1.15B investment from Sequoia and Paradigm
As recent as November, Griffin remained highly skeptical about cryptocurrencies stating at the time that people are focused on new ideas and that he worried “that some of this passion is misplaced when it comes to cryptocurrencies.”
The billionaire investor did go on to tout the properties of Ethereum, however, opining that assets based on Ethereum will eventually replace Bitcoin which has a greater environmental impact.
