Citi Considering Bitcoin Futures Trading for Some Institutional Clients

 Citi Considering Bitcoin Futures Trading for Some Institutional Clients

Citi was reportedly weighing the option of providing cryptocurrency related services in May.

The bank is being very thoughtful about the approach in offering Bitcoin futures trading

HIGHLIGHTS

• Citi is awaiting regulatory approval to begin trading Bitcoin futures
• Bitcoin prices rose past $50,000 (roughly Rs. 37 lakhs) on Monday
• Citi is considering products such as futures for some clients

Citigroup is considering offering Bitcoin futures trading for some institutional clients, a spokesperson for the bank said on Tuesday, citing increased demand in the cryptocurrency space.

Bitcoin prices rose past $50,000 (roughly Rs. 37 lakhs) on Monday, after having weathered a crackdown by Chinese authorities on domestic cryptocurrency mining companies earlier this year, as mainstream adoption by corporations and the wider public gathers pace. Bitcoin price in India stood at Rs. 37.8 lakhs as of 12pm IST on August 25.

Media outlet Coindesk reported earlier on Tuesday that Citi is awaiting regulatory approval to begin trading Bitcoin futures on the Chicago Mercantile Exchange, citing a source within the bank.