According to The Wall Street Journal, a new cryptocurrency trading firm called Radkl will begin on Tuesday with an undisclosed amount of financial backing from billionaire Steven A. Cohen. Radkl executives and a spokesman for Cohen told the newspaper that the quantitative trading firm will focus on digital assets under the supervision of a team from GTS, a New York-based high-speed trading firm that trades stocks and options. Rather than utilizing money from his hedge company, Point72 Asset Management LP, Cohen is using his personal riches to invest in Radkl. It's the latest in a series of investments in crypto ventures by Cohen. In a statement, Cohen said cryptocurrencies remain in the early stages of adoption and as more professional investors move into the business, "there's a need for institutional acumen and a firm like Radkl."
