Citigroup, a US multinational investment bank, is considering trading bitcoin futures. The bank claims that it has seen increased interest from institutional clients in BTC.
At this point, the Citi bank has not received the required approval. Once the regulatory approval process is acheived, the bank will be able to trade Bitcoin futures.
CoinDesk reported Tuesday, August 24, 2021 that an anonymous source at Citi Bank said that Citi is trying to obtain regulatory approval to trade bitcoin futures on Chicago Mercantile Exchange.
The source told Coindesk:
“The team is likely to win approval to begin trading CME bitcoin futures first and then bitcoin exchange-traded notes (ETNs).
Given the many questions around regulatory frameworks, supervisory expectations, and other factors, we are being very thoughtful about our approach. We are presently considering products such as futures for some of our institutional clients, as these operate under strong regulatory frameworks.”
Citigroup, a major investment bank, is the latest to enter the crypto market with its potential Bitcoin futures product.
Galaxy Digital, Goldman Sachs, and Bank of America had previously allowed clients to trade Bitcoin futures.