US multinational investment banking giant Citigroup is reportedly wanting into Bitcoin futures trading, with a increasing curiosity in BTC from institutional customers.
An unnamed supply from the financial institution uncovered on Aug.24 that Citigroup is doing work to obtain a regulatory “green light” to start off trading Bitcoin futures on the Chicago Mercantile Exchange (CME).
An e-mailed statement from a Citigroup spokesperson sent to the media reads as follows:
With numerous issues surrounding the regulatory framework, supervisory expectations and other elements, we are really cautious about our strategy. We are at the moment wanting into items this kind of as futures for some of our institutional customers as they operate beneath a rigid regulatory framework.
In addition to wanting to trade BTC futures, Citigroup is at the moment employing persons to be aspect of a London-based mostly crypto group. Additionally, the anonymous supply is optimistic that regulators will license Bitcoin futures trading to banking institutions and then obtain regulatory approval for exchange-traded notes for Bitcoin (ETN).
This is Citigroup’s up coming massive move as the financial institution was taking into consideration launching a cryptocurrency custody and trading support in May. Also at the finish of June, the investment financial institution unveiled a new company unit referred to as the Digital Assets Group, with a emphasis on cryptocurrencies and blockchain.
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The publish that Citigroup uncovered it is producing legal preparations to commence trading Bitcoin futures on CME initial appeared on Coinlive.
