• Citadel Securities (NASDAQ:), Virtu Financial (NASDAQ;) are said to be working with Fidelity. Charles Schwab (NYSE:) to develop a crypto trading platform.
• Schwab states that customers are not currently eligible to use crypto trading directly.
• Fidelity’s spokeswoman refused to confirm participation in the venture.

Citadel Securities, Virtu Financial and Charles Schwab are said to be working together on the development of a crypto trading platform. The platform is expected to roll out later this year or early 2023, according to Bloomberg’s anonymous sources.

A source familiar with Citadel’s plans said in a recent interview that “Citadel Securities and other industry leaders are working closely together to create a crypto marketplace that is efficient, transparent, and secure, with agreed upon standards and best practices.”

The source added that the “new trading ecosystem will create more efficient access to deep pools of liquidity for digital assets.”

A spokeswoman for Fidelity refused to confirm that it is participating in the venture, but did reaffirm the company’s commitment to crypto, stating that “Fidelity supports efforts that further efficiency in the digital assets marketplace and provide more optionality to source liquidity for investors.”

Schwab said that the company has no plans right now to provide customers with direct cryptocurrency trading, and is waiting for the outcome of the regulatory process.

The Schwab spokeswoman stated, “We recognize that there is considerable interest in cryptocurrencies, particularly in certain segments of the market, and will consider introducing direct access to cryptocurrencies when there is further regulatory clarity.”

Although there is not much information about this new venture, it may be an important step toward mainstreaming cryptocurrency retail trading. The crypto market currently allows only investors to buy cryptos through either brokerage apps or dedicated exchanges like Robinhood (NASDAQ) or Webull.

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