Citi Pending Government Approval to Start Trading Bitcoin Futures on CME: Report

US multinational investment banking giant Citigroup is reportedly considering trading Bitcoin futures and says it is seeing increasing interest in BTC from its institutional clients.

CME wants to trade CME bitcoin futures

According to a report by CoinDesk on Tuesday (Aug. 24, 2021), an anonymous source within the bank revealed that Citi is working to get the regulatory green light to trade Bitcoin futures on the Chicago Mercantile Exchange (CME).

A statement emailed by a Citi spokesman to the media company stated:

“Given the many questions about regulatory frameworks, supervisory expectations and other factors, we are very careful with our approach. We are currently considering products such as futures for some of our institutional clients as they operate under strict regulatory frameworks. “

Aside from wanting to trade BTC futures, the investment bank is currently hiring to be part of a London-based cryptocurrency team, according to another person familiar with the matter. Also, the unnamed source is optimistic that regulators would give approval to trade Bitcoin futures and later get regulatory approval for Bitcoin Exchange Traded Notes (ETNs).

The Wall Street banking giant, meanwhile, noted that institutional clients seeking exposure to the largest cryptocurrency are rapidly seeing interest in Bitcoin. The latest development follows an earlier report back in May that said Citi is considering launching a cryptocurrency trading and custody service.

Later in June, the investment bank unveiled a new business unit called the Digital Assets Group, which will focus on crypto and blockchain. Back in March, Citi released a report recognizing growing institutional adoption but finding that Bitcoin has an uncertain future.

Wall Street banks and Bitcoin

Interestingly, more and more Wall Street financial institutions are warming to Bitcoin and gradually moving away from their earlier skeptical stance on cryptocurrency. These organizations have determined that the crypto-related services they offer meet the needs of customers.

One of these institutions is the banking giant JPMorgan, which was one of the first major banks in the US to offer its wealthy customers access to crypto funds. Another banking giant, Goldman Sachs, allowed its institutional clients to buy and sell bitcoin derivatives. The company also started trading BTC futures in block trades on the CME Group.

The Bank of New York Mellon (BNY Mellon), America’s oldest bank, announced that it would offer crypto-custody services later in 2021.

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