Jamil Nazarali, the global head of business at Citadel Securities, left his position to lead a joint venture firm that wanted to increase investor access tocryptocurrencies.
The venture firm is a joint venture between Citadel Securities and Virtu Financial. The venture firm is expected to go live in late 2022 or early 2023, as a trading platform. Nazarali will start his new position next week.
The CEO of Citadel Securities, Peng Zhao, announced Nazarali's new position and said:
Under Nazarali's leadership, the new venture capital is looking to help institutional investors understand the ecosystem and have confidence in the criptocurrency market.
The firms are cautious and determined when it comes to launching their new venture capital in the current market conditions.
Both firms agree that the bear market is not the end of the criptocurrency. The CEO of Virtu Finance said he didn't have an opinion on criptomes, and he didn't need one either. He said there is an intense demand for criptocurrency, especially from the retail side. Zhao thinks that the instability in the market is not a result of changing demand for cryptocurrencies. He believes that the risks of the market for cryptocurrencies arise due to lack of regulation. Zhao believes that there will be no problem entering the field early on because the regulations are expected to be in the near future. He said something.
Virtu Finance and Citadel Securities are not the only firms that are more bearish about investing in the criptocurrency market. After the LUNA crash, the Winklevoss twins talked about increasing their investments in start-ups last month. The twins expect significant returns from the ones that do, even though they admitted that most of their investments won't survive the winter.
Despite the severe effects of the bear market, some think this is the best time to invest in cryptocurrencies.
The bottom of the bear market is the best time to invest in cryptocurrencies according to Jason Yanowitz, founder of Blockworks. Yanowitz recently described the three stages of the bear market, saying that those who don't leave cryptocurrencies in the current stage will be rewarded in the future.
He advised the community to remember why they started and said: