Banking behemoth Citigroup is reportedly working to supply its institutional shoppers Bitcoin (BTC) futures buying and selling companies.
Citing an unnamed supply who’s accustomed to the matter, Bloomberg reports that Citigroup is ready for regulatory approval to begin buying and selling Bitcoin futures. Powered by CME Group, the world’s largest monetary derivatives alternate, the Bitcoin futures contract is a USD cash-settled contract.
The choice comes as Citigroup sees an growing curiosity in crypto from its shoppers.
“Given the numerous questions round regulatory frameworks, supervisory expectations and different components, we’re being very considerate about our method.
We are presently contemplating merchandise akin to futures for a few of our institutional shoppers, as these function underneath robust regulatory frameworks.”
If Citigroup’s plan pushes by way of, the financial institution will be part of the rising checklist of monetary establishments which have ventured into the crypto house.
Last month, Bank of America launched Bitcoin futures buying and selling for a choose group of shoppers.
In June, monetary big Goldman Sachs partnered with digital asset funding administration agency Galaxy Digital because it expanded its BTC futures buying and selling platform.
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