{"id":136776,"date":"2021-08-25T19:39:21","date_gmt":"2021-08-25T19:39:21","guid":{"rendered":"https:\/\/precoinnews.com\/?p=136776"},"modified":"2021-08-25T19:39:21","modified_gmt":"2021-08-25T19:39:21","slug":"wall-street-giant-citigroup-could-soon-trade-cme-bitcoin-futures","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/wall-street-giant-citigroup-could-soon-trade-cme-bitcoin-futures\/","title":{"rendered":"Wall Street Giant Citigroup Could Soon Trade CME Bitcoin Futures"},"content":{"rendered":"
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According to the bank’s spokesman on Tuesday, Wall Street giant Citigroup (NYSE: C) is eager as they await regulatory approval to start offering bitcoin (BTC, -3.59%) futures trading contracts on the Chicago Mercantile Exchange (CME).\u00a0<\/strong><\/p>\n Another individual familiar with cryptocurrency derivatives markets noted that Citi is gathering a team to join a crypto-focused team in London. The individual also noted that the team would possibly win approval to commence trading CME bitcoin futures first and later bitcoin exchange-traded notes (ETNs).<\/span><\/p>\n Later they will move on to other products such as bitcoin exchange-traded notes.<\/span><\/p>\n A Citigroup spokesperson said that they are very thoughtful about their approach with the many questions around regulatory frameworks, supervisory expectations, and other factors.\u00a0<\/span><\/p>\n At the moment, they are considering products like futures for some institutional clients, as these operate under solid regulatory frameworks.<\/span><\/p>\n The bank has observed an increased demand in the cryptocurrency space as bitcoin mounts a climb toward $50,000 again. Arcane Research wrote in a Tuesday <\/span>newsletter<\/span> that the fear is gone for now, and the market is optimistic.<\/span><\/p>\n On Monday, Bitcoin prices surged over $50,000 after weathering a crackdown by Chinese authorities on domestic cryptocurrency mining companies at the beginning of the year. Mainstream adoption by corporations and the wider public have been gathering pace.<\/span><\/p>\n If Citi gets the regulatory approval, they will join fellow megabank <\/span>Goldman Sachs<\/span> and Morgan Stanley, which launched their internal initiatives to assist their premium management clients in accessing the crypto market.<\/span><\/p>\n JPMorgan was the first major U.S. bank to give all its wealth-management clients the green light to access cryptocurrency funds.\u00a0<\/span><\/p>\n Citigroup, one of the most significant banks in the U.S., holds some $23.7 trillion in assets under custody. The bank reported total revenues of $17.5 billion when it released its second-quarter 2021 results just recently.\u00a0<\/span><\/p>\n According to a Financial Times report nL4N2MU1B8, the bank was weighing the option of providing cryptocurrency-related services in May.<\/span><\/p>\n Citigroup also launched a <\/span>business <\/span>unit in June that focuses on the cryptocurrency and blockchain space.<\/span><\/p>\n The bank has seen exciting new developments around crypto, tokenization, and other advances powered by blockchain technology, thus forming the Digital Assets Group.<\/span><\/p>\n Citi’s U.K. brokerage platform began offering clients access to ETH (-5.14%) ETNs in the previous crypto bull run in 2017. However, the demand for the products declined, and the bank set offerings aside after bitcoin’s price dropped in 2018.<\/span><\/p>\n<\/span>Institutional Clients<\/b><\/span><\/h2>\n
<\/span>Optimistic Market<\/b><\/span><\/h2>\n
<\/span>Impressive Developments<\/b><\/span><\/h2>\n
<\/span>Related posts:<\/span><\/h3>\n