Bitcoin’s price movements might be indecisive right now, but a group of financial services giants, led by Citadel Securities, seems pretty set on a strong future for crypto.

In other words, if you thought institutional power plays for crypto had cooled off amid the recent downturn in the market, think again.

US hedge fund Citadel Securities and US global market maker Virtu Financial are reportedly building a cryptocurrency-trading platform, with help from two huge American brokerages – Fidelity Investments and Charles Schwab.

According to a report from Bloomberg, the new platform is largely being engineered by Citadel and Virtu and will include Bitcoin and other top cryptos. Fidelity and Charles Swab will be assisting the process through existing infrastructure that will reportedly enable the new offering to reach mass appeal.

The financial analyst ZeroHedge (1.3m Twitter followers) thinks it’s potentially a big deal – for even more price volatility in the crypto market, that is…

Citadel Securities is a subsidiary of Citadel LP, helmed by the  hedge fund billionaire Ken Griffin, who last October referred to Bitcoin (BTC) and other cryptos as “a jihadist call” against the US dollar.

Meanwhile Fidelity and Charles Schwab have recently been making separate crypto-positive rumblings of their own. Fidelity is already offering a 401(k) US retirement-savings scheme that’s Bitcoin accessible and Charles Schwab now enables its investors to buy Bitcoin futures contracts.

The American fat-cat supergroup crypto-trading platform is reportedly expected to go live later this year or in early 2023.

 

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