Huge Market Maker Virtu lands in cryptocurrency and imposes its rule on Coinbase

Soon to be a cryptocurrency virtuoso – Virtu Financial is showing off its momentum in the cryptocurrency market, in its Q2 2021 results. The NASDAQ-listed company now wants to profit much more from the new finance.

Virtu Financial and cryptocurrencies: the new winning combo

Trading firm Virtu Financial reported in its Q2 2021 results that it has been doing market making (or market making) on major crypto platforms. Its CEO, Doug Cifu, highlighted Virtu’s expansion into cryptocurrency markets:

“Our expansion into cryptocurrency market making also continues to progress… with a doubling of cryptocurrency market making in Q2 compared to Q1.”

According to information reported by The Block, Virtu is also reportedly doing market making on exchanges Coinbase and Gemini.

Virtu Financial has exposure to cryptocurrencies via its market making activities in futures and ETFs in Canada. As a market maker, the company buys and sells assets on exchanges when organic liquidity is lacking. It makes a profit on the spread – the difference between the buy and sell price – of assets, such as stocks, currencies, fixed income,… Virtu benefits in particular from the performance of its high-speed trading platform that uses proprietary technology to provide significant liquidity to hundreds of thousands of securities.

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Crypto projects for the market maker

Cifu revealed the company’s intention to integrate cryptocurrencies on its VFX platform:

“We are also in the early stages of developing our ability to stream cryptocurrencies on our ‘direct-to-dealer‘ streaming liquidity platform.”

Virtu Financial is gradually working towards the development of cryptocurrencies. The company previously announced in a June 24 statement that it had joined the decentralized financial market data distribution platform, Pyth Network. Virtu will make its data on stocks, currencies, futures or even cryptocurrencies available for use by smart contracts using Solana (SOL) and other major blockchains.

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Virtu Financial had already publicly disclosednt that he was trading bitcoin (BTC) in spot. And it is by the way not the only traditional financial giant to be tempted by a venture into the cryptosphere. Will the world soon be crypto-friendly?

More and more huge players, initiatives in every direction… not a day goes by without the crypto industry resonating with its own growth! On your end, start accumulating and trading your first BTC and ETH by registering on the reference platform FTX with a lifetime discount on your trading fees (affiliate link).