A very interesting report out by The Economic Times (India) highlights some information regarding a large United States investment firm that are spearheading a movement towards getting cryptocurrency on a mainstream stock market. Of course, this notion brings with it many troubles and difficulties, overall though, it’s something many investors are seeking, crypto-integration within major stock exchanges would of course do incredible things for the industry.
According to The Economic Times then, financial firm Susquehanna International Group (SIG) based in Philadelphia, are making moves towards the cryptocurrency industry. According to The Economic Times, SIG:
“Is one of the largest players in trading traditional investments like stocks, options and exchange-traded funds, or ETFs. Over the past two years, the privately-owned company has also built up a trading desk of around a dozen people that buys and sells millions of dollars’ worth of bitcoin and other virtual or cryptocurrencies in private deals.”
You can see the full report for yourself, here- https://economictimes.indiatimes.com/markets/stocks/news/why-this-firm-is-way-ahead-of-wall-street-on-bitcoin/articleshow/64476692.cms
SIG’s interest in Bitcoin specifically allegedly dates back to 2014, when the Winklevoss twins supposedly asked SIG to get involved with a Bitcoin Exchange-Traded Fund that, at the time was seeking approval from regulators. Apparently, regulators did reject the proposal but with this, SIG recognised a need for cryptocurrencies and cryptocurrency investments and thus, began recruiting clients as the markets started to grow from 2015 onwards.
According to The Economic Times:
“Susquehanna will trade futures, which are contracts tied to the future price of bitcoin. It will also allow customers to buy and sell actual bitcoin and a few other cryptocurrencies like Ethereum and bitcoin cash.”
The important thing to consider here is that SIG are a group that spans across a wealth of investment areas. As they have ties to traditional stock exchanges it seems as if the ultimate goal for SIG is to integrate the aforementioned cryptocurrencies into these exchanges, indeed, beating Wall Street in the process. It might all seem a bit utopian at the moment, but it is interesting to see that a company like SIG, can remain so quiet about cryptocurrencies yet behind the scenes, really work at an impressive rate to get clients on board and build their own area within the crypto-markets and the blockchain industry.
It’ll be very exciting to see how this develops and of course to see how SIG plan to get more clients on board from here onwards. Moreover, maybe this will inspire some of the bigger Wall Street level plays to jump on board too?