Citi Eyes Crypto Opportunities
The U.S. bank joins its peers in ramping up crypto-related efforts as client demand spikes
Citi is awaiting regulatory approval to trade bitcoin futures on the Chicago Mercantile Exchange (CME), «Coindesk» reported on Wednesday, citing two sources, including one at the bank.
One of the sources said the bank is actively recruiting traders to its London crypto trading desk to begin working with bitcoin futures, though Citi denied this in a statement to «Insider.» It also denied that it was looking into products like bitcoin exchange-traded notes.
«We are presently considering products such as futures for some of our institutional clients, as these operate under strong regulatory frameworks,» a spokesperson told the publication.
Institutional Participation
Citi's Wall Street rivals have shown increased interest in the space of late. Goldman Sachs reportedly restarted its crypto trading desk in March to deal bitcoin futures and non-deliverable forwards to support clients like hedge funds. In June, it also announced plans to offer options and futures trading in ether, and in July, its asset management unit filed for an application with the U.S. Securities and Exchange Commission to offer an exchange-traded fund (ETF) focused on crypto-related companies.
J.P. Morgan opened access for its wealth clients to five related funds and BNY Mellon joined a crypto consortium that includes State Street and six unnamed banks.
In July, Bank of America's prime brokerage unit started the clearing and settlement of cryptocurrency exchange-traded products (ETPs) for hedge funds in Europe.
