The main assertion of Citadel Securities to glory in the trading of cryptocurrencies was as co-founder of Edx Markets, a place of trading of institutional crypto which recently supported Bitcoin, Ether and Litecoin. Bloomberg said yesterday that Citadel Securities wanted to become a market for retail crypto exchanges such as Coinbase, Binance and Crypto.com. The report came from anonymous sources.
Initially, market manufacturing teams would be outside the United States, which could change according to the development of regulations in the United States
Although he was able to get rid of the manufacturing of the market for retail exchanges, we believe that Citadel can already have offshore activities. In 2022, he continued a former employee involved in his cryptographic activities. The court documents mentioned the first business of systematic cryptography in Asia in March of the same year. It was the same year that Stablecoin Terra collapsed, the founder of the blockchain alleging in court that Citadel titles may have triggered the fall.
The interest of the company for retail crypto trade is not surprising. EDX market volumes for all 2024 were $ 36 billion. This is equivalent to a punctual volume of a single day on the exchange of Binance, the derivatives of the exchange arriving at three times this level.
Meanwhile, one of Citadel’s best known partners is Robinhood where he pays the company for order flows representing 12% of his transaction income in 2024.
Payment of the order flow is a large income for all retail brokers. For example, during the first nine months of 2024, Charles Schwab earned more than a billion dollars for order flow, with almost 70% from options and equilibrium of shares.
Given the volumes, it would not be surprising that Citadel targets both the spot and the derivatives for the crypto. Edx Markets already planned to launch future offshore perpetual.
EDX Markets extends the supported cryptographic assets
Citadel Securities co-founded Edx Markets in 2022 with Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial.
Until recently, he only supported three cryptocurrencies – Bitcoin, Ether and Litecoin. It was the only three that would have been considered basic products by the dry under the previous president Gary Gensler. Basic products trading does not currently require CFTC recording. Subsequently, Edx added the Ménecoins Doge and Shib.
With the withdrawal of various surveys, especially in Robinhood, Edx Markets has widened its range of parts by adding ten other tokens. They include three layers of a layer one (Bitcoin Cash, Solana and XRP), two other memecoins, the Stablecoin USDC and some of the largest DEFI protocols (Aave, Compound, Chainlink, Uniswap).
