Citadel Securities and Virtu Financial Building a Trading Ecosystem for Cryptocurrencies

Trading firms Citadel Securities and Virtu Financial are preparing to create a cryptocurrency trading ecosystem. This will enable brokerage firms to facilitate crypto transactions to their customers. Firms that have invested in this project include Sequoia Capital and Paradigm.

of Reuters Report As per reports, this project is in its early stages. The help of Fidelity Investments and Charles Schwab is being taken to create this trading ecosystem. Charles Schwab told that he has invested in this digital asset venture. Charles Schwab said in a statement, “We believe there is an increasing interest in cryptocurrencies. regulatory Will consider providing direct access to cryptocurrencies as the situation becomes clear.” This product could be available by early next year.

In recent months some countries have begun work on plans to launch a central bank digital currency (CBDC). In the US, the Federal Reserve is exploring the possibility of launching a CBDC. Russia has started testing its CBDC called the Digital Ruble. Earlier this year China tested its digital yuan during the Winter Olympics. Efforts are being made to increase the use of digital yuan in China. Jam-Dex, the digital currency of the Caribbean country Jamaica, is launching soon and its initial one lakh users will get the benefit of an additional $ 16.

The government of Jamaica has made a strategy to give incentives to increase the popularity of this digital currency among the people. Its testing was completed last year. All Jamaicans will have access to Jam-Dex through a wallet provider or bank. All Jamaicans with a bank account will be able to receive the Jam-Dex digital wallet automatically. A CBDC is a blockchain-based payment solution controlled by a central bank. It works like cryptocurrencies but CBDCs do not have volatility and other risks like cryptocurrencies. Transactions on CBDC can be tracked by the government. CBDC can be launched in India in this financial year. The Reserve Bank of India (RBI) has said that CBDC will be integrated with the existing monetary policy as well as payment systems.

(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)<!–

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