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Citadel Securities takes in $1.15B investment from Sequoia and Paradigm

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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 out there maker, bringing its valuation to $22 billion. The partnership with Paradigm, a Web3-focused investor, signaled Citadel Securities’ shift towards new asset lessons similar to crypto.

Sequoia, which led the spherical with funding from Sequoia Heritage, Sequoia Capital World Equities and its World Progress Fund, will even get a seat on the Citadel Securities board of administrators, stuffed by Sequoia companion Alfred Lin.

Associated: Sequoia China leads $25M equity round for DeFi wallet DeBank

In keeping with a press release, Citadel Securities will use the funds to additional its development of latest merchandise, markets and areas. Citadel Securities CEO Peng Zhao stated:

“As technological innovation in monetary markets turns into solely extra vital, we see monumental alternatives to fulfill the wants of our shoppers throughout extra markets and extra merchandise. Our partnership with Sequoia and Paradigm places us in an excellent stronger place.”

Associated: Ken Griffin says Bitcoin will be replaced by Ethereum-based currency

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 mother or father hedge fund’s CEO, Citadel Securities is clearly embracing its growth into cryptocurrency.