Citigroup has recently filed to start trading Bitcoin futures and is very likely to get approval. Once the authorities give Citigroup the signal to go ahead, their clients will have access to BTC futures. Considering that they are one of the largest banks in the US makes this development a big thing for Bitcoin. The futures will be traded on the Chicago Mercantile Exchange after the approval, as reported by a bank employee. It is also important to note that alongside future trading, Citigroup has applied for exchange-traded notes.
This is awesome
As more banks join the bandwagon of Bitcoin trading, the cryptocurrency world is getting the kind of acceptance we all wanted. Many large banks like Goldman Sachs has already started Bitcoin future trading, offering services to their wealthy clients. And very soon, other banks will follow suit too. Yes, some firms are still not optimistic on the subject, but they will come around.
Citigroup’s explanation about their latest decisions makes it even clearer why other banks could soon join in. They said that due to the regulatory uncertainties, they chose to go with ETNs and futures trading. These products are more regulated and have rigid frameworks.
Bitcoin’s recent developments
JPMorgan, one of the most anti-Bitcoin banks in the past, has also applied for passive Bitcoin funds. Coinbase has also announced a partnership with Japanese banks to start offering crypto services to their clients. All in all, the crypto space is evolving very fast with Bitcoin’s acceptance. When I started writing about crypto back in 2020, I mentioned time and again that while 2020 was the year for Bitcoin’s acceptance in companies, 2021 will be the year for banks. And that is what we see right now.
Even BNY Mellon, one of the largest banks in the US, has announced its plan to launch a crypto exchange very soon. It will be the first Bitcoin exchange that the banks will support. The bank’s global head of foreign exchange also said that digital Assets are going to be more embedded in the markets from here on.
What are your thoughts on the fact that Citigroup has filed to start trading Bitcoin futures? And do you think they will get approval in August/September? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.