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Citigroup reportedly preparing to trade CME Bitcoin futures

citigroup-reportedly-preparing-to-trade-cme-bitcoin-futures

Leading financial institution Citi is reportedly set to start trading CME Bitcoin futures

Citi will soon start trading CME Bitcoin futures

U.S. banking giant Citigroup is reportedly getting ready to start trading CME Bitcoin futures. This is according CoinDesk, who cited sources familiar with the story. According to the anonymous sources, the bank will start trading the CME Bitcoin futures thanks to the surge in demand for cryptocurrencies from its clients.

At the moment, Citi is working to obtain regulatory approval and start trading the cryptocurrency futures soon. One of the sources said, “The team is likely to win approval to begin trading CME bitcoin futures first and then bitcoin exchange-traded notes [ETNs].”

A Citi spokesperson pointed out that the bank is being careful with its approach due to the regulatory uncertainty around cryptocurrencies. “We are presently considering products such as futures for some of our institutional clients, as these operate under strong regulatory frameworks,” the spokesperson added.

US financial institutions are granting clients access to cryptocurrencies

Financial institutions in the United States are granting their clients indirect access to Bitcoin and other cryptocurrencies. Goldman Sachs began offering Bitcoin derivatives to its investors earlier this year.

The bank also wants to offer Ether futures following an increase in demand from its clients. Other leading banks such as JPMorgan and Morgan Stanley are also offering crypto-related products to their clients.

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