One of the hidden resources claimed that Citigroup to soon start trading CME bitcoin futures first and bitcoin exchange-traded notes. Citigroup is one of the largest U.S banking sector giants. The company is also listed on the New York Stock Exchange (NYSE: C).
As of this writing, Citigroup is waiting for approval from the federal regulatory authorities of the U.S. Company to soon start trading bitcoin (BTC, -2.5%) future contracts after the approval. The company to sell the futures contracts on Chicago Mercantile Exchange (CME). However, the source claiming all these developments stays hidden.
The Banks seem to be looking forward to capitalizing on the demand for cryptocurrency as bitcoin is moving towards touching the $50,000 mark. Citibank that is waiting for regulatory approval, will join the ranks of Goldman Sachs in offering bitcoin futures, after getting the approval of regulatory authorities.
Moreover, the resource has also claimed that Citi Bank is looking forward to hiring crypto derivative experts to assemble its team in London. The London team would be responsible for securing approval from the country’s regulatory authorities as well.
One of the Citigroup spokespeople said that the group is very keenly analyzing the regulatory framework and supervisory expectations. The company is also putting attention to detail in other matters such as market competition. However, Citigroup remains pretty thoughtful about its decision-making process.
In recent times Bitcoin demand has risen up massively. Bitcoin is to hit the $50k mark pretty soon. As the result, a bullish trend is peaking. The increased demand for bitcoin is an opportunity for Citibank to penetrate the market.
Citigroup officials have also added that they are looking to offer future trading to some of its institutional clients as well, as these are being traded under the intense supervisory regulatory framework. Back in the Month of January, CME cemented its spot on one of the biggest bitcoin trading platforms, this indicates the rising popularity when it comes to institutional participation.
Over the past two months, there has been a random shift in the crypto market. Nowadays, more and more institutions are entering the market via joint ventures. That means the crypto market is moving towards intense regulations. Several big banks have ventured into crypto over the past few months.
Back in the month of July, The Bank of America also started offering cryptocurrency exchange-traded products, for hedge funds all across Europe.
Other than Citibank and The Bank of America, some other famous banks announced to join the crypto market are JP Chase Morgan and Goldman Sachs. Apart from these, Amazon, Microsoft, and Facebook are some of the other big names working on their crypto-related framework to launch their own digital tokens.