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Virtu Financial, a high-frequency trading company, plans to become a major market maker in cryptocurrency once the asset class more regulated, announced the company Friday.
Virtu's CEO, Douglas Cifu, made this revelation during a Q & A session at the end of the company's first quarter earnings call.
Responding to a question from a JPMorgan analyst asking if the company had launched the "cyberwar", Cifu said that the company is a market maker in the emerging markets of bitcoins, but that she is not currently trading real bitcoins. in the industry like "cash bitcoins" or by the even more ironic term "physical bitcoins."
"We are a market maker in the CBOE and CME futures markets [bitcoin]and currently we do not offer any market opportunities in e-marketplaces, mainly because We have always been concerned about negotiating transparent and regulated exchanges with centralized compensation or clearing through the management of risks. 39; a prime broker. In "bitcoin cash" and other virtual currencies that are not currently available, we are concerned about the counterparty risk. "
"We soaked a toe but it is a very, very small toe," he added.
However, Cifu also stated that as a market maker, Virtu is indifferent to the fact that an asset class is "appropriate" and that it has the same effect. intend to engage directly in the spot markets of cryptocurrency.
"I do not need to make a qualitative judgment about whether these are appropriate asset classes.This is a new class of assets we are excited about it, "he said. "If and when it becomes more regulated and centralized, we'll put a big toe and all the little toes will follow and we'll be a big market maker there."
As NCC reported, the big US investment bank Goldman Sachs confirmed earlier this week that she was going to start a bitcoin trading operation. Initially, the company will use its own funds to trade non-deliverable futures – a type of futures contract – related to the price of bitcoin, but it also intends to seek regulatory approval to start trading "physical bitcoins".
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