Citadel gets license in DIFC

US hedge fund firm Citadel,which entered the crypto market, and oversees $67 billion in assets, has received approval to start its operations in Dubai, at DIFC ( Dubai International Financial Center) as per reuters.

According to the report, its entry into DIFC is considered a big boost for Dubai, which is looking to establish itself as the leading financial hub in the Middle East. With the move, Citadel is putting itself in close proximity to the massive pools of capital, including sovereign wealth funds, in the GCC.

Previously Citadel entered the crypto market. As a start Citadel wants to create market making teams outside the USA. Then it aims to prepare to offer liquidity in the crypto market. Previously, the firm collaborated with brokerage giants Charles Schwab and Fidelity Investments to launch EDX Markets, an institutional-only crypto exchange designed to emulate the operational structures of traditional financial markets.