Citadel Securities secures $1.15B investment from Sequoia and Paradigm

Citadel Securities Announce Venture capital firms Sequoia Capital and Paradigm made a combined $1.15 billion minority investment in the market maker, valuing it at $22 billion. The partnership with Web3-focused investor Paradigm marks Citadel Securities’ pivot to new asset classes such as cryptocurrencies.

Sequoia Capital, backed by Sequoia Legacy, Sequoia Capital Global Equities and Global Growth Fund, will also gain a seat on Citadel Securities’ board for Sequoia partner Alfred Lin.

related: Sequoia China leads $25M equity round in DeFi wallet DeBank

Citadel Securities will use the funds to further develop new products, markets and regions, according to a statement. Zhao Peng, CEO of Citadel Securities, said:

“As technological innovation in financial markets becomes more important, we see a huge opportunity to meet client needs in more markets and in more products. Our partnership with Sequoia and Paradigm puts us in a better position .”

related: Ken Griffin Says Bitcoin Will Be Replaced by Ethereum-Based Currency

Historically, Ken Griffin has always been a crypto skeptic, and even claimed a few months ago that crypto is a “call from the mujahideen that we don’t believe in the dollar.” An offshoot of hedge fund Citadel is apparently embracing its expansion into the cryptocurrency space.