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- Citadel CEO Ken Griffin commenting on the firm’s recent minor investment by Paradigm and Sequoia says that the crypto will bring an expertise that will act as a guiding stick for the company’s digital future.
- As per the Pensions & Investments website, Citadel, a U.S hedge fund, ranks 9th biggest hedge fund with $37.6 billion assets under management as of June 30, 2021.
- Ken Griffin is a stock market veteran of thirty years and has a good reputation in the industry. He, however, remains skeptical about cryptocurrencies despite millions of users disagreeing with me.
Ken Griffin, founder and CEO at Citadel, told Bloomberg that he has some major plans for crypto even though he is skeptical about cryptocurrencies.
Citadel also disclosed a minor investment of $1.15 billion by Paradigm and Sequoia, both of which are highly skeptical regarding cryptocurrencies.
In an announcement last month, Sequoia revealed that it would launch its Sequoia Crypto Fund, which aims to invest in digital assets traded on third-party exchanges. Paradigm also launched a $2.5 billion fund for assisting crypto startups in Q4 2021.
However, Griffin acknowledges that the company’s path towards a digital future would be clear with crypto on board.
Headquartered in Chicago, Citadel is a U.S hedge fund founded in 1990 by Griffin. It operates on two key businesses: A hedge fund, Citadel, an alternative investment fund that invests on behalf of institutional buyers, and Citadel Securities, which is in charge of market-making operations.
According to the Pensions & Investments website, as of June 30, 2021, Citadel ranks as the 9th biggest hedge fund with $37.6 billion assets under management, according to Pensions & Investments website.
A stock market veteran, Griffin has created a name for himself in the industry. Despite that, he believes his stance is not always right, particularly his previous take on crypto.
He says he was in “the naysayer camp over that period of time”. However, he admits that his stance on crypto wasn’t right today; the market capitalization of the crypto market is around $2 trillion.
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Griffin Talks About Citadel’s Role In Crypto
Meanwhile, he is still skeptical about crypto despite hundreds of millions of users disagreeing with him.
Griffin, however, agrees there could be a scope in assisting institutions and investors with “portfolio allocation.” He further shares that he and his team give “serious consideration” to crypto market making. Market makers are responsible for maintaining liquidity since they offer to buy and sell solutions to investors.
At last, Griffin informs that Citadel will start cryptocurrency market-making operations in the upcoming months.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
