Finance

Citigroup eyes bitcoin futures trading offer for clients

Citigroup is set to offer some of its largest clients trading in bitcoin futures, in the latest example of a large investment bank moving into cryptocurrencies.

The US bank is awaiting regulatory approval to begin trading CME bitcoin futures, according to a person familiar with the matter.

“Our clients are increasingly interested in this space, and we are monitoring these developments,” a Citigroup spokesperson said. “Given the many questions around regulatory frameworks, supervisory expectations, and other factors, we are being very thoughtful about our approach. We are presently considering products such as futures for some of our institutional clients, as these operate under strong regulatory frameworks.”

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Itay Tuchman, the bank’s global head of foreign exchange, told the Financial Times in May that it was considering moving into the crypto space on the back of a surge in client interest.

Goldman Sachs unveiled a cryptocurrency trading desk focused on bitcoin futures in May, while JPMorgan is offering crypto funds to its private banking clients.

READ Why Amazon’s crypto bet isn’t about bitcoin — it’s about banks

Coindesk earlier reported on Citigroup’s crypto futures trading move.

To contact the author of this story with feedback or news, email Paul Clarke

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