Crypto Market Prepares For Grand Wall Street Entry


susquehanna

Crypto Market Prepares For Grand Wall Street Entry

Susquehanna, one of the largest privately held financial institutions in the world and a big name on Wall Street has reportedly made its big entry into the cryptocurrency world, being the first in its league. The firm with plans to further expand in the market is clearly signaling towards a new player in the game. The cryptocurrency market which has always been dominated by ‘the fringes of the financial market’, will soon witness a grand Wall Street entry. The action has already begun to generate speculations and anticipation amongst experts.

The subtle gateway

SIG, founded in 1987 by a group of college friends, started its maiden journey through the Philadelphia Stock Exchange. It now trades all around the world, having been declared the best financial services company to work for by Forbes. Susquehanna first set foot in the crypto market back in 2014, with experimental Bitcoin trading. The firm since then has kept its one Bitcoin trader on board and reportedly added a few more last year when the market seemed to reach a new exponential growth.

Bart Smith, the head of the digital assets group said that:

“We believe this technology and this asset class is going to change some facet of financial services, and we think it is going to exist forever.”

As reported by The New York Times, the firm will allow trading in futures, i.e. contracts tied to the future value of Bitcoins. It will also allow customers to engage in trading of Bitcoin, Ethereum etc. To provide crypto facilities to the customers, Susquehanna recently made amendments to its broker-dealer license. The change will legally allow the firm to trade cryptocurrencies that have been recognized by the SEC as securities.

Also, read: Wall Street Holds No Chance in Front of Crypto Market for the Millennials

A wave of change in the crypto market

The cryptocurrency market, despite having witnessed significant and deeply quick paced growth in its recent years, is still largely dominated by lesser-known names in the financial sector. There have been several actions signaling a developing taste of Wall Street giants in the virtual assets market and this latest move by Susquehanna might just act as the catalyst. With the huge influence and dominance that the firm has in the securities market, its growing public favoring for Bitcoins and other cryptocurrencies is bound to make other Wall Street giants follow suit.

Hence, in the coming days, we can expect to witness a significant contribution to the cryptocurrency market by the large financial institutions that have so far only been considering the possibilities. The arrival has generated concerns in the existing market, with people fearing that Bitcoins might ultimately also end up as speculative securities, with diminishing hopes of them being used in day to day transactions.

To see where the ship sails, however, we will have to quietly wait for the effects to wash over. What do you think will happen as Wall Street begins to take over this highly volatile market? Share your thoughts with us!

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Crypto Market Prepares For Grand Wall Street Entry
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Crypto Market Prepares For Grand Wall Street Entry
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Susquehanna, one of the largest privately held financial institutions in the world and a big name on Wall Street has reportedly made its big entry into the cryptocurrency world, being the first in its league.
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Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Author: Apeksha Duhan
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