John McCrank

NEW YORK (Reuters), Ken Griffin, the billionaire founder and CEO of Citadel Securities said that he envisages Citadel entering the crypto market as a mixture of a liquidity provider, an exchange, and both.

Griffin stated that “Given institutional interest in cryptocurrency,” Griffin told the Milken Institute Global Conference Los Angeles, Griffin: “I think it’s reasonable for us to expect to be more involved with the crypto space providing liquidity for institutional and possibly retail investors.”

Citadel Securities, while some market makers – companies that stream buy and sell prices for other traders to follow – have embraced this new asset class. However, Citadel Securities has largely remained on the sidelines.

Griffin, October: Cryptocurrencies were “a terrorist call that we don’t believe the dollar.”

On Monday, however, he stated that although he remains skeptical about cryptocurrency, he must live with the truth that an asset’s value is determined by its perceived worth.

He said, “I also collect American Abstract Art.” Why is it worth $10 Million to buy a painting?” It’s oil on canvases. The value of a painting is determined by its owner.

Citadel Securities, which after a funding round in January was valued at nearly $22 billion, is not rushing its entry into the crypto market, because it wants to ensure very high standards around things like anti-money-laundering, Griffin said.

Griffin stated that the company will seek to offer liquidity for crypto markets, and Citadel Securities also believes that crypto exchange technology can be a “very important” tool in helping buyers and sellers come together.