Following the facts in the New York Times magazine, Susquehanna International Group, one of the leading financial companies in the world, and based just outside Philadelphia, has been quietly trading Bitcoin and other cryptocurrencies. This private company is one of the biggest firms for trading stocks, ETF’s and options.
Susquehanna is no stranger to trading Bitcoins having established a trading desk back in 2015. Millions of dollars worth of Bitcoin and other cryptocurrencies have been bought and sold by its trading desk.
The Quiet Success
The company is now opening trading to 500 of its clients and is planning to expand further. This move strongly indicates how much the cryptocurrency market has grown since it entered the economic sector. Leading companies and big investors are striving to put their footprints in this cryptocurrency industry and to benefit the best way they can. For example, the Intercontinental Exchange, New York Stock Exchange’s parent company, announced its plans of setting up a subsidiary for crypto trading. Also, Goldman Sachs, a multinational investment bank, intends to open a private trading desk.
However, Susquehanna International Group is ahead of the game when it comes to other trading firms and hedge funds participating in the crypto market. With its 1,800 employees, it has much more money to back up its desk, and is more capable of interacting and connecting with clients.
It’s unknown how much money Susquehanna had earned since 2015. However, it was a period when Bitcoin and other cryptocurrencies values increased significantly.
Bitcoin Trading Invasion
The rise of financial heavyweights trading Bitcoin has increased the concerns of some of Bitcoin fans. They worry that trading Bitcoin like gold will destroy expectations that daily transactions and payments can be made in Bitcoin or any other cryptocurrency.
Head of crypto coins in Susquehanna International Group, Bart Smith, stated: “The firm believes that Bitcoin and other cryptocurrencies inspired by it are likely to have a wide array of uses.” But for now, he said, “Bitcoin’s best bet is to challenge gold as a scarce commodity that can be moved around more easily.”