Matt Levine’s Money Stuff: Who Can Resist the Crypto Boom? (Correct)

Citadel Cryptosecurities

I guess the most straightforward interpretation of the news that Paradigm, a crypto venture capital firm, is investing in Citadel Securities, a market-making firm that does not trade crypto, is that Citadel Securities is going to start trading crypto? Like this seems unlikely:

Paradigm: We are a leading investor in crypto trading firms.

Citadel Securities: Well don’t look at us, we hate crypto, never traded it, never will.

Paradigm: I suppose we could use some diversification.

Maybe, who knows, but my guess is the obvious one: The crypto boom is creating enormous gushers of wealth for financial intermediaries, ...