Susquehanna International Group in Bala Cynwyd is doing more than discussing trading Bitcoin. The financial firm, one of the largest players in trading taditional investments like stocks, has already started doing it.
Over the last 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, writes Nathaniel Popper in the New York Times.
Now the firm is opening trading to a small group of its 500 clients, with plans to expand.
The move is the latest sign that the virtual currency markets, which were once relegated to the fringes of the financial world, are being embraced by big, mainstream investors.
The parent company of the New York Stock Exchange, the Intercontinental Exchange, has been in talks about opening a subsidiary for cryptocurrency trading, and Goldman Sachs is on the verge of opening its own trading operation.
But Susquehanna, which has around 1,800 employees around the world, has a lot more money backing its trading desk — and a lot more ability to interact with clients — than the hedge funds and trading firms that have also been early participants in the virtual currency markets.
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