Wall Street trading giant Citadel has committed $600 million across two competing crypto exchanges, Crypto.com and Kraken, as both firms push into tokenized markets that bridge traditional finance and digital assets. The investment underscores growing institutional interest in tokenization, a fast-emerging sector where real-world financial instruments are represented on blockchains. Both exchanges are chasing the same expansion opportunity, positioning themselves to capture demand from Wall Street participants seeking exposure to tokenized products. Notably, only one of the two companies has publicly disclosed the operational role Citadel will play in its business, leaving questions about the depth of the market maker's involvement with each platform. The dual backing highlights how established financial players are hedging their bets by supporting multiple competitors simultaneously, while intensifying competition between the two exchanges as they vie for the same institutional prize.
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