U.S. banking giant Citigroup is awaiting regulatory consent to commence trading BTC futures contracts on the Chicago Mercantile Exchange, as per an anonymous source.
Interestingly, the bank is allegedly facing a surge in user demand for digital asset exposure as BTC again starts a ride toward the fifty thousand dollars mark. Citigroup, which is still working through the obligatory regulatory permissions, would join another megabank Goldman Sachs in offering BTC futures trading.
Another individual familiar with virtual asset derivatives markets mentioned that Citi is actively recruiting individuals to join a virtual asset-focused team in London.
The person said,
“The team is likely to win approval to begin trading CME bitcoin futures first and then bitcoin exchange-traded notes (ETNs).”
A Citigroup spokesperson mentioned,
“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.”
During the last cryptocurrency bull run in the year 2017, Citi’s U.K. brokerage platform began offering users exposure to Ethereum ETNs. Nonetheless, as the price of BTC plummeted in the year 2018, the demand for the products decreased and the offering was suspended.
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