Citigroup is considering offering Bitcoin futures trading to some institutional clients, a bank spokesman said on Tuesday, citing increased demand in the cryptocurrency market.
Bitcoin prices soared to more than $50,000 (about Rs. 37 lakhs) on Monday after they resisted a crackdown by Chinese authorities on domestic cryptocurrency mining companies earlier this year as the adoption dominant by corporations and the general public intensifies. Bitcoin price in India was at Rs. 37.8 lakhs from 12:00 IST on August 25th.
Coindesk media reported on Tuesday that Citi is awaiting regulatory approval to begin trading Bitcoin futures on the Chicago Mercantile Exchange, citing a bank source.
“Given the many questions about regulatory frameworks, supervisory expectations and other factors, we are being very careful about our approach,” a Citi spokeswoman said via email.
“We are currently considering products as futures for some of our institutional clients as they operate under strong regulatory frameworks,” she added.
The bank was considering the option of providing cryptocurrency-related services in May, according to a Financial Times report.
Business Insider reported in late July that JPMorgan Chase will allow all of its wealth management clients to access cryptocurrency funds.
© Thomson Reuters 2021