Billionaire Steve Cohen backs new cryptocurrency trading firm Radkl

A new cryptocurrency trading firm called Radkl is launching Tuesday with an undisclosed amount of financial support from billionaire Steven A. Cohen, The Wall Street Journal reported. Executives at Radkl and a spokeswoman for Cohen told the newspaper the quantitative trading firm will specialize in digital assets under a team from GTS, a high-speed trading firm based in New York that trades stocks and options. Cohen is tapping his personal fortune to invest in Radkl rather than using capital from his hedge fund, Point72 Asset Management LP. 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."