Susquehanna International Group To Open Cryto Trading Starting with BTC

Susquehanna International Group To Open Cryto Trading Starting with BTC

June 11, 2018 Off By Steven Anderson

Susquehanna International Group, a global trading and technology company based in the United States, is opening virtual currency trading to its customers, initially in the form of BTC futures; this is according to the report by New York Times last Tuesday.

Susquehanna International Group is located in Bala Cynwyd, Pennsylvania, US and considered one of the biggest financial companies all over the world trading conventional investments such as options, stocks, as well as ETFs or exchange-traded funds. This exclusively operated company has also developed a trading desk for the procurement and sale of digital currencies in exclusive deals over the past two years.  At the moment, the company plans to start offering virtual currencies to a small group of its 500 customers with a view to get the service bigger in the coming years.

Bart Smith, head of the digital asset group of the company, said Susquehanna thinks Bitcoin and other digital currencies have a wide range of applications, which include becoming an online payment mode. The firm believes that this system and this type of asset are going to change some aspect of financial services, and they also believe that it is going to be available forever.

The company will reportedly begin trading BTC futures, in addition to allowing customers buy and sell actual Bitcoin and other types of virtual currencies like BCH and ETH. In order to trade digital currencies, which the US regulator classifies as securities, Susquehanna recently revised the broker dealer license, confirming that it’s registered with regulators.

The company has also developed its own system for storing digital currencies. Private keys are stored in devices in an off-site facility, which is not associated with the company’s computer system that reportedly makes them more resistant to the attack of cyberhackers.

The first deal of the company with BTC was in the year 2014 after the Winklevoss twins asked them to get involved with a Bitcoin exchange-traded funds which they had requested regulators to make. The application for the exchange-traded funds was not approved. But the company kept one trader on board, adding more in the previous years when digital currency market saw a record-breaking gain.

At the moment, financial services company Fidelity Investment is looking for skilled developers to create a digital currency exchange on both public and private cloud. The firm will seek to provide “best-in-class custodian services for BTC and other types of digital currencies”.

 

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