Citigroup Inc is reported to be considering expanding into the Bitcoin (BTC) futures trading for institutional clients. This would make them one of, if not the most experienced company in this market!
In fact, Citic Bank boasts a long history of financing all sorts of businesses and individuals around the world which could give them some advantages when it comes time for buying bitcoins through an exchange like Coinbase Pro or Localbitcoins. It’s also possible they have other relationships that span across borders again making their access greater than others.
The news that the bank is offering crypto-related loans comes at a time when demand for such services has increased within this industry.
Commenting via email, Citigroup spokesperson had this to say, “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.”
Earlier on, CoinDesk said that the bank has been waiting for regulatory approval to begin BTC futures trading on CME.
A reliable source told them this information and they agree it makes sense because many people believe there will never be a better time than now in which one can invest with confidence into cryptocurrency as its value continues increasing year after year while simultaneously providing stability through financial institutions who are starting utilize these assets more often due to their high demand by customers worldwide.
Citi’s hints that it may offer crypto-related services are not unexpected, as the bank has been making noises about this for some time now. Back in May, it seemed like a possibility that the bank would be opening its doors soon.
No significant details were provided by Citi about the next steps they will take on their path to offer bitcoin futures trading as of press time.
Top Banks Onto The Crypto Bandwagon
Bank of America is one of the largest financial institutions in the US. Recently, they revealed that have created a team dedicated to researching cryptocurrencies and how it will affect their business.
Bank of America is not the only one. Several other banks have established cryptocurrency research teams and are looking into how they can use this new technology for their customers!
Bank of America has hired Alkesh Shah, who previously led the Global Technology Specialist team at Bank Of America to lead their cryptocurrency research. The position is reported directly under Michael Maras and will provide him with insight into all things related to currency trading globally as well as information on current trends within this market space.
The leading American banks are starting to provide research about cryptocurrency assets. JP Morgans, for instance, has been doing this for some time now and it’s only natural that they would want you, as a customer of theirs in the future, to be aware and informed when investing your money properly!
The Goldman Sachs cryptocurrency desk has been re-energized earlier this year as the value of Bitcoin and other cryptocurrencies continue to rise. To provide the latest updates on leading cryptocurrency assets, JPMorgan regularly publishes its research note.