Susquehanna, one of the world’s largest trading and technology firms is to launch cryptocurrency trading to its customers.
The Philadelphia-based investment firm is one of the world’s largest in terms of volume, dealing a variety of financial products, including stocks, options and ETFs.
In addition to these traditional financial products, however, it has emerged that the company has been facilitating over-the-counter (OTC) trades in cryptocurrencies for over 2 years; during this time, it has quietly grown and a dozen people now sit on its bitcoin trading desk.
The firm is now pursuing expansion plans in this area: it wants to start offering a variety of cryptocurrencies to a larger group of its clients, with the prospect of expanding further into this area in the future. Bart Smith, head of Susquehanna’s digital asset division stated in an interview for the New York Times:
“We believe that this technology and this asset class is going to change some facet of financial services, and we think it is going to exist forever,”
Smith went on to explain that the firm’s primary view of bitcoin was as a store of value, rather than a utility. However, he did state that he believed that one day bitcoin or another cryptocurrency would emerge as the native currency of the internet.
In addition to actual cryptocurrencies, including bitcoin, ether and bitcoin cash, Susquehanna will also be offering bitcoin futures to its clients.
Susquehanna is registered with the Securities and Exchange Commission and is yet another example of a major mainstream investment player moving into the crypto space. ToshiTimes recently reported on Goldman Sachs which is also planning to open a crypto-trading desk for its clients. This should come as welcome news to crypto-investors, as these moves promise to bring significant amounts of liquidity into the market – hold on to your coins.
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