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You'll never see them on SNL. You'll rarely hear them in the news. You'll likely never see them before Congress. Just outside of the spotlight, Jump Trading is solidifying itself as the world's top crypto HFT firm. Here's why I view Jump as the Citadel of crypto:pic.twitter.com/ab9txaab3x
First, why Citadel is not the Citadel of crypto. Ken Griffin has shared his low opinion of crypto on the record, saying he doesn't spend much time thinking about the asset & can't see its economic value. Unless he pivots quick, Griffin's likely missed the boat on crypto.pic.twitter.com/fvNhBQhDP7
Meanwhile, where Citadel has turned away, Jump Trading has stepped up. Take Robinhood - Jump is the primary market maker for Robinhood's retail crypto order flow. What Citadel does for Robinhood's equity & options business, Jump does for crypto.https://www.bloomberg.com/news/articles/2019-05-29/robinhood-s-free-crypto-trades-powered-by-chicago-s-jump-trading …
For now crypto is a less regulated asset class with less disclosure requirements than Robinhood's traditional services. Crypto PFOF is almost certainly a thing even though we hear nothing about it.pic.twitter.com/rNM6e1cFC0
For Jump, crypto started as a recruiting tool. It needed a better way to attract talent, so it set up a college internship program to collect crypto data in the early 2010s. This data became so valuable when crypto liquidity improved that Jump HAD to trade with it.
Jump doesn't just help Robinhood with its crypto business. Jump is *everywhere* in the space. -Top market maker on BitMEX -Top market maker on Bitfinex -Partnered w/ FTX & invested in Serum DEX -Invested in sports fan token startup Chiliz
What interests me the most about Jump is its fanatical love for DeFi. Jump doesn't talk to the media & doesn't even have a website, but it DOES have a crypto podcast. On it Jump executives talk about DeFi as the next Wall Street game changer:https://open.spotify.com/episode/6UbBR0sJutMUi2bmDJHJYp …
In a recent episode, Jump talked about its partnership with Pyth, a data provider that's working to integrate smart contracts into legacy Wall Street systems & processes. They think DeFi will revolutionize the way exchanges & markets work in 5-10 years time.pic.twitter.com/dsBNh4LCBa
I'm fascinated by the influence Jump Trading has over legacy Wall Street and the crypto space without nearly any public media coverage. I'll be diving more into Jump's history & business in this week's newsletter - sign up below so you don't miss it:https://frontmonth.substack.com/
This take is spot on.
Interesting. How does Jump make money? How much principal do they have to put to work? Also people seem to criticize RH’s crypto trading saying it stinks compared to CB. So how do we know if Jump is *that* good at crypto?
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