Media reports on Citigroup's plans to start bitcoin trading

The bank is awaiting approval for cryptocurrency transactions from financial regulators. Demand among clients for bitcoin increased after its strengthening to $50,000.

Banking giant Citigroup is awaiting approval from financial regulators to begin trading bitcoin futures on the Chicago Mercantile Exchange (CME), CoinDesk writes, citing anonymous sources. They reported that the demand of the company’s clients for the first cryptocurrency increased after its price reached $50,000 again.

According to the publication’s sources, Citi is recruiting people for its London division, which specializes in cryptocurrency. The financial conglomerate is expected to first obtain a license to trade bitcoin futures on the CME, and then to exchange ETN notes.

“We are currently considering futures for some of our institutional clients”, Citigroup said.

The bank has about $23.7 trillion in assets under custody. In June, the financial conglomerate announced the creation of a unit focused on the cryptocurrency and blockchain industry. The new group was named Digital Assets Group and became part of Citi Global Wealth Investment’s asset management division.

Large U.S. banks are actively entering the crypto market. In mid-July, it became known that some Bank of America clients gained access to bitcoin futures trading. And in June, Goldman Sachs partnered with Galaxy Digital to trade more cryptocurrency futures.

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