Citel Securities, the market maker arm of Ken Griffin-led hedge fund Citel, announced that VC firms Sequoia Capital and Parigm me a $1.15 billion combined minority investment in the market maker, bringing its valuation to $22 billion. The partnership with Parigm, a Web3-focused investor, signaled Citel Securities’ shift toward new asset classes such as crypto.
Sequoia, which led the round with investment from Sequoia Heritage, Sequoia Capital Global Equities and its Global Growth Fund, will also get a seat on the Citel Securities board of directors, filled by Sequoia partner Alfred Lin.
We are proud to announce that Sequoia and Parigm have me a $1.15 billion minority investment in our firm. https://t.co/EIbWKduS1h
— Citel Securities (@citsecurities) January 11, 2022
Related: Sequoia China les $25M equity round for DeFi wallet DeBank
According to a statement, Citel Securities will use the funds to further its growth of new products, markets and regions. Citel Securities CEO Peng Zhao said:
“As technological innovation in financial markets becomes only more important, we see enormous opportunities to meet the needs of our clients across more markets and more products. Our partnership with Sequoia and Parigm puts us in an even stronger position.”
Related: Ken Griffin says Bitcoin will be replaced by Ethereum-based currency
Historically, Ken Griffin has been a crypto skeptic, even claiming that crypto was “a jihist call that we don’t believe in the dollar” only a few months ago. Despite the views of its parent hedge fund’s CEO, Citel Securities is clearly embracing its expansion into cryptocurrency.
META ARTICLE: Citel Securities takes in $1.15B investment from Sequoia and Parigm PUBLISHED: 2022-01-12 22:17:43 SOURCE: https://cointelegraph.com/news/citel-securities-takes-in-1-15b-investment-from-sequoia-and-parigm