Citi to Enter Crypto Futures Markets Pending Approval

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By Max Power
August 25, 2021, 2:17 PM

Citigroup Inc. has indicated an upcoming offering to its biggest clients in Bitcoin futures. This comes as Wall Street continues to integrate cryptocurrency markets, Bloomberg reports. This follows in the footsteps of banking giant Goldman Sachs who began offering CME Bitcoin futures earlier this year.

In January, the Chicago Mercantile Exchange (CME) took top spot as the largest Bitcoin Futures exchange as institutional interest continues to rise.

“Our clients are increasingly interested in the space, and we are monitoring these developments,” Citigroup was quoted. “Given the many questions around regulatory frameworks, supervisory expectations and other factors, we are being very thoughtful about our approach.” The bank added in an emailed statement.

CoinDesk reports Citigroup is currently awaiting regulatory approval to begin trading CME bitcoin futures.

Earlier in May, there were reports Citigroup were continuing to expand their crypto services. Citigroup reports seeing a “very rapid” mounting interest in cryptocurrencies and their derivatives across a wide range of clients, including large asset managers. This is following the establishing of a “digital assets group” within Citigroup’s wealth management unit.

Citigroup’s “digital assets group” is set to focus on “all aspects of this fast-growing space of blockchain enabled finance,” the unit will be helmed by Alex Kriete and Greg Girasole of the bank’s Citi Global Wealth Investments (CGWI) arm. The Block first reported the news.

This is as a result of a “very rapid” uptick in demand from clients as revealed in an interview with the Financial Times by Citi’s global head of foreign exchange, Itay Tuchman in May.

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