Citigroup, a U.S.-based multinational giant for investment banking, is reportedly looking to initiate the trade of Bitcoin Futures, saying that the banking institution has observed a heightened interest of its institutional investors in BTC. Keeping this in view, the banking giant pursues the approval of regulatory authority for BTC Futures trade.
CME to trade Bitcoin Futures
CoinDesk stated in a report on Tuesday that an unidentified source from the bank disclosed that Citi is waiting for the green light from regulatory to start Bitcoin Futures trading through (CME) Chicago Mercantile Exchange. The spokesperson of Citi issued a statement in an email to the news outlet. The email states that there are a lot of questions regarding supervisory expectations, regulatory frameworks, and other such things; however, the institution is currently focused on the products like futures because some institutional clients are demanding to trade them knowing that the BTC futures can be run under tough regulatory frameworks.
In addition to the desire for trading BTC Futures, the institution is presently appointing professionals to become a part of a London-based crypto team, as pointed out by another person acquainted with the scenario. The anonymous source hopes the regulators to approve the Bitcoin Futures trade as well as later to say yes to the Bitcoin ETNs (exchange-traded notes). The banking giant based in Wall Street, in the meantime, cited that it sees a rapidly growing interest from the institutional investors who look for getting exposed to the biggest cryptocurrency.
The new development comes after a report of May that suggested that the institution was planning to launch crypto custody and trading service. After that, in June, a fresh business unit named the Digital Assets Group concentrated on blockchain and crypto. Prior to that, in March, a report was published by Citi, which admired the accelerating institutional adoption nonetheless spoke that the future of Bitcoin is uncertain.
BTC and Wall Street banks
Many of the Wall Street-based institutions of finance are preparing for BTC, steadily moving away from the sceptical attitudes for cryptocurrency. It has been noticed by these organizations that their incorporation of crypto services is a response to the demands of their clients. JPMorgan is among such institutions being the first prominent bank within the United States to provide crypto funds to its wealthy customers. Goldman Sachs is another institution that permitted its institutional consumers to purchase and sell the derivatives of Bitcoin.