Banking behemoth Citigroup is reportedly working to offer its institutional clients Bitcoin (BTC) futures trading services.
Citing an unnamed source who is familiar with the matter, Bloomberg reports that Citigroup is waiting for regulatory approval to start trading Bitcoin futures. Powered by CME Group, the world’s largest financial derivatives exchange, the Bitcoin futures contract is a USD cash-settled contract.
[adinserter block="1"]The decision comes as Citigroup sees an increasing interest in crypto from its clients.
“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.”
If Citigroup’s plan pushes through, the bank will join the growing list of financial institutions that have ventured into the crypto space.
Last month, Bank of America launched Bitcoin futures trading for a select group of clients.
In June, financial giant Goldman Sachs partnered with digital asset investment management firm Galaxy Digital as it expanded its BTC futures trading platform.
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