Citadel Securities, the market maker arm of Ken Griffin-led hedge fund Citadel, announced that VC corporations Sequoia Capital and Paradigm made a $1.15 billion mixed minority funding available in the market maker, bringing its valuation to $22 billion. The partnership with Paradigm, a Web3-focused investor, signaled Citadel Securities’ shift towards new asset courses corresponding to crypto.
Sequoia, which led the spherical with funding from Sequoia Heritage, Sequoia Capital World Equities and its World Development Fund, may even get a seat on the Citadel Securities board of administrators, stuffed by Sequoia associate Alfred Lin.
We’re proud to announce that Sequoia and Paradigm have made a $1.15 billion minority funding in our agency. https://t.co/EIbWKduS1h
— Citadel Securities (@citsecurities) January 11, 2022
In response to an announcement, Citadel Securities will use the funds to additional its progress of latest merchandise, markets and areas. Citadel Securities CEO Peng Zhao mentioned:
“As technological innovation in monetary markets turns into solely extra essential, we see huge alternatives to fulfill the wants of our shoppers throughout extra markets and extra merchandise. Our partnership with Sequoia and Paradigm places us in a good stronger place.”
Traditionally, Ken Griffin has been a crypto skeptic, even claiming that crypto was “a jihadist name that we don’t consider within the greenback” only some months in the past. Regardless of the views of its mum or dad hedge fund’s CEO, Citadel Securities is clearly embracing its enlargement into cryptocurrency.