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 equivalent to crypto.
Sequoia, which led the spherical with funding from Sequoia Heritage, Sequoia Capital World Equities and its World Development Fund, may also get a seat on the Citadel Securities board of administrators, crammed by Sequoia accomplice 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 keeping with an announcement, Citadel Securities will use the funds to additional its development of recent merchandise, markets and areas. Citadel Securities CEO Peng Zhao mentioned:
“As technological innovation in monetary markets turns into solely extra vital, we see huge alternatives to satisfy the wants of our purchasers throughout extra markets and extra merchandise. Our partnership with Sequoia and Paradigm places us in an excellent stronger place.”
Traditionally, Ken Griffin has been a crypto skeptic, even claiming that crypto was “a jihadist name that we don’t imagine within the greenback” just a few months in the past. Regardless of the views of its dad or mum hedge fund’s CEO, Citadel Securities is clearly embracing its growth into cryptocurrency.