Susquehanna International Group, one of the largest investment companies in the world, will begin offering its clients cryptocurrencies as a class of assets for trading.
Why it is important
- Susquehanna's decision to open a cryptocurrency trade for customers is the latest evidence that large investors are beginning to show interest in this class of assets.
- More and more companies are ready to enter the cryptocurrency market. This can increase their popularity among serious investors and lead to a domino effect on Wall Street and the global financial sector.
Susquehanna, Pennsylvania-based financial company, is one of the largest trading firms. It has long dealt in options, E.T.F.s, and other securities.
Now the company opens a bitcoin and other cryptocurrencies trade to a group of its 500 clients. Prior to this, for two years, Susquehanna processed similar transactions privately.
“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,” Bart Smith, the head of the digital asset group at Susquehanna, said.
Susquehanna will work with cryptocurrency futures first and the company will also help its customers to buy and sell cryptocurrencies actual Bitcoin and a few other cryptocurrencies. The trading firm already carries out transactions with bitcoin for millions of dollars.
Susquehanna decided to do its activity on trading cryptocurrency public impressed by the success of bitcoin futures launched by CME and CBOE exchanges in December.
In early May, Goldman Sachs said that it would soon start trading bitcoin futures with its own money for its clients. The bank would begin to leverage its own capital to trade in a variety of investment contracts linked to Bitcoin on behalf of its clients.
By Ekaterina Ulyanova