US-based market maker Virtu Financial has announced it plans to expand its work with cryptocurrencies, The Block has learned.
According to it, Virtu intends to build a business model similar to that of popular online broker Robinhood.
Robinhood has gained a lot of popularity among users because it does not charge any fees to users. Instead, this securities and cryptos investment app makes money on the so-called principle of payment for the flow of applications. The client’s order is transferred for execution to a third-party broker, which receives income from the spread and returns part of its proceeds to the customer.
The Block has reported that Virtu Financial has wide experience of market making on crypto exchanges, including Coinbase, Gemini and Bullish. In addition, the company has also acted as a liquidity provider for digital currency-based derivatives.