InstaForex

August 25, 2021

Citigroup To Offer Bitcoin Futures Business At CME

 Citigroup Inc. announced it will offer bitcoin futures trading to several institutional clients.


For now, the banking giant only needs a 'green light' from the supervisor before starting trading on the Chicago Mercantile Exchange (CME).


According to Citigroup, the decision was taken to meet the needs of clients who wanted cryptocurrency exposure as Satoshi Nakamoto’s assets recorded a price increase to over $ 50,000 earlier this week.



This is the first time Bitcoin (BTC) has recorded a price increase of over $ 50,000 after the market collapse in mid -May.


If the effort is approved, Citigroup will be the second institution after Goldman Sachs to also offer bitcoin futures trading last May.


Based on the firm’s internal sources, there is optimistic sentiment that regulators will approve futures trading and possibly after this will approve bitcoin exchange-traded notes (ETNs).


At the same time, it is rumored that Citigroup is creating massive job opportunities to fill the vacancies of the crypto-focused group at its London branch.