Citadel Securities Founder Griffin Likens Crypto Value to Abstract Art

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NEW YORK (Reuters) – Ken Griffin, the billionaire founder of Citadel Securities, a person of the world’s most significant marketplace-producing corporations, said on Monday he envisions the corporation moving into the cryptocurrency market place as a combination of a liquidity provider and an exchange.

“Presented the institutional improve in fascination in cryptocurrency, I think it is really realistic to assume to see us be far more included in the crypto room providing liquidity to institutional and perhaps retail buyers,” Griffin claimed at the Milken Institute World Convention in Los Angeles.

When some market place makers – companies that present industry liquidity by streaming invest in and provide prices for others to trade against – these as Virtu Monetary, Jump Investing and DRW, have embraced the nascent asset class, Citadel Securities has mainly stayed on the sidelines.

Griffin in October called cryptocurrencies “a jihadist contact that we will not imagine in the dollar.”

But on Monday he stated that though he is skeptical about cryptocurrencies, he has to reside with the fact that an asset is worth what individuals understand it is well worth.

“I also gather American summary art,” he explained. “Why is a portray really worth $10 million? It can be oil on canvas. So price is in the eyes of the beholder.”

Citadel Securities, which following a funding spherical in January was valued at almost $22 billion, is not rushing its entry into the crypto sector, simply because it wants to be certain extremely high standards all around matters like anti-dollars-laundering, Griffin mentioned.

The company will goal to present liquidity to the crypto market place, but Griffin also stated Citadel Securities thinks crypto exchange technological innovation is “very essential” in helping to deliver potential buyers and sellers with each other.

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

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