Trading giant Virtu Financial is still committed to the crypto market, chief executive Doug Cifu said during the company’s fourth-quarter earnings call.
The market-making firm has traded across several exchanges and acted as a designated market maker for bitcoin exchange-traded funds in Canada.
The meltdown of FTX and Alameda Research has not impacted the firm’s long-term plans to operate in the cryptocurrency space, with Cifu noting Virtu continues “to view crypto as a long-term growth opportunity.”
“In the aftermath of recent events, I’m proud to say that we manage the risk around the events of this quarter, as you would expect from Virtu,” Cifu added. “Although we had an approximate 8-figure fiat and coin balances deployed across several venues when the FTX news broke, we acted quickly and did not realize any material losses.”
Still, the company has reduced its activity in the space, according to co-president Joseph Molluso.
“We remain bullish on crypto as a growth area in the future and remain – and we remain excited about EDX, our joint venture,” Molluso said, referring to its investment in upstart crypto exchange EDX.
The company reported revenue dropped 29.5% to $497.8 million for the fourth quarter compared to $705.6 million a year earlier. Net income totaled $39.6 million, down from $186 million in the prior year. Shares were up more than 2.5% at 11:05 am EST.
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Source: https://www.theblock.co/post/206253/virtu-continues-to-see-crypto-as-a-long-term-growth-opportunity?utm_source=rss&utm_medium=rss