Citadel Securities, an American multinational hedge fund and financial services company, raised $1.15 billion investment from Sequoia Capital and Paradigm, a crypto investment firm co-led by Coinbase's Co-Founder, The Wall Street Journal reports. The latest investment round brought the firm's valuation at $22 billion.
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The New York-based wants to use the proceeds to support global growth and potentially lead to an initial public offering at a later date, according sources close to the firm. As a result of the investment round, Sequoia partner Alfred Lin will join the board of Citadel Securities.
Citadel is notoriously known in the cryptocurrency market after Robinhood and other retail brokers halted the trading of meme stocks following an effort by users of Reddit to pump their price. Following the decision, users on Reddit called in question its relationship with Citadel Securities.
Bloomberg found that 40% of Robinhood's revenue was derived from selling customer orders to market-making firms including Citadel Securities and Two Sigma Securities. The Washington Post also reported that Robinhood routed more than half of its customer orders to Citadel.
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