A cryptocurrency company launched by partners of a major Wall Street trading firm said Tuesday that it has snagged the support of billionaire investor Steven A. Cohen, as big names from the traditional financial world continue to embrace the industry surrounding crypto.
Cohen, a hedge-fund manager and owner of the New York Mets, has agreed in principle to invest in Radkl, a crypto trading firm, though the deal is not final. The company is being launched by partners of GTS, a firm that trades as much as a billion shares of U.S. stocks on a given day.
Radkl, which is pronounced like “radical,” plans to trade across cryptocurrency coins and exchanges, said Ryan Sheftel, the company’s CEO and a partner at GTS. As the crypto industry expands, Radkl plans to grow quickly with it. If government regulators allow the industry to offer exchange-traded funds that track cryptocurrencies so that more investors can get into them, for example, the company could make trades that keep prices of the ETFs in line with the coins themselves.
