Citadel Securities, the arm of the Ken Griffin-led hedge fund Citadel, announced that venture capital firms Sequoia Capital and Paradigm have made a $1.15 billion minority investment in a market maker, taking the valuation to $22 billion. The partnership with Paradigm, an investor focused on Web3, heralded the transition of Citadel Securities to new asset classes such as cryptocurrency.

Sequoia, which has led a round of investments from Sequoia Heritage, Sequoia Capital Global Equities and Global Growth Fund, will also serve on the board of Citadel Securities, chaired by Sequoia partner Alfred Lane.

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According to the announcement, Citadel Securities will use the funds to promote new products, markets and regions. Citadel Securities CEO, Peng Zhao said:

“As technological innovation in the financial markets becomes more important, we see tremendous opportunities to meet the needs of our customers in more markets and more products. Our partnership with Sequoia and Paradigm makes our position even stronger.”
RELATED: Ken Griffin Says Bitcoin Will Be Replaced With Ethereum-Based

Historically, Ken Griffin has been a crypto skeptic, even claiming that cryptocurrency was a “jihadist call that we don’t believe in dollars” just a few months ago. Despite the opinion of the CEO of Morhedge Fund, Citadel Securities supports the expansion of the cryptocurrency.

Source: CoinTelegraph