News

‘We Think It Is Going To Exist Forever’: Susquehanna Opens Bitcoin Trading Desk

Wilma Woo | Jun 06, 2018 | 07:00

---

US financial company Susquehanna International Group announced it will offer Bitcoin trading to 500 clients following two years of offering the cryptocurrency in “private deals,” the New York Times reports.

Crypto Assets Will ‘Change Financial Services’

Susquehanna International Group, an international trader which has headquarters in Pennsylvania and operates around the world, will move to offer Bitcoin futures and other products, continuing a trend involving an increasing number of major finance players.

“We believe that this technology and this asset class is going to change some facet of financial services, and we think it is going to exist forever,” head of Susquehanna’s digital asset group Bart Smith revealed.

From futures, the company will thereafter to allowing buying and selling of both Bitcoin and Ethereum, along with “a few other” cryptocurrencies including Bitcoin Cash, the Times adds.

The company already trades “millions of dollars” in Bitcoin using a team of a dozen traders, having expanded from just one trader in 2014.

Investment Momentum Builds

Susquehanna’s announcement follows plans from Wall Street heavyweight Goldman Sachs, along with New York Stock Exchange owner Intercontinental Exchange, which have both signalled their intention to offer Bitcoin futures.

This year has seen a remarkable U-turn in sentiment on cryptocurrency from Goldman in particular, with an executive linked to the trading plans confirming that, unlike JPMorgan, the conglomerate did not consider Bitcoin to be a “fraud.”

“It is not a new risk that we don’t understand,” Bitcoin quoted the executive as saying last month. “It is just a heightened risk that we need to be extra aware of here.”

The impact of institutional money flowing into Bitcoin remains a popular narrative tied to shoring up lackluster price performance so far this year.

At press time, BTC/USD was trading around $7600, down around 20% since the same time in May.

What do you think about Susquehanna International Group’s cryptocurrency trading plans? Let us know in the comments section below!

Images courtesy of Shutterstock