Cryptocurrency News

Citigroup to Begin Trading CME Bitcoin Futures

Citigroup Inc. is one of the largest investment banks in the United States. The globally recognized financial giant is based in New York City. In 1998, two companies, Citicorp and Travelers Group, merged and laid down the foundation of the company. As of 2020, the reported revenue of Citigroup was recorded at $74.3 billion, and its AUM was closed at $2.26 trillion.

According to some recent reports published by CoinDesk, Citigroup management is adamant about opening futures trading options. The financial giant is in the process of chartering legal documents and regulatory obligations to make it a reality. As per the news, Citigroup is working on starting their clients in the CME’s Bitcoin futures options.

Citigroup officials have previously hinted that the bank is looking into the cryptocurrency market. Like many major other financial institutions like JP Morgan, Citigroup investors have also pushed the management to consider portfolio diversification options. Citigroup representatives revealed that it is not possible to ignore the increasing demand for crypto trading anymore.

The representatives also remarked that many clients are planning to pull their investments from the funds that are no inclusive of cryptocurrencies. As per reporters, the investment giant was also encouraged by the massive institutional interest in digital asset trading. Global head of forex at Citigroup, Itay Tuchman, told media that in August there was massive traffic on crypto accumulation among their clients.

Citigroup has Started Taking an Interest in Crypto Industry Since the Beginning of This Year

The institutional interest in the cryptocurrency market was increased this year higher than ever before. Citigroup officials have also decided to start considering different crypto-related services in the last few months. In June, the Wall Street behemoth introduced a new digital currency-based organization called Digital Asset Group.

In the same fashion, institutions like Goldman Sachs and Morgan Stanley have also launched internal crypto trading companies. For the time being, Citigroup Bitcoin futures trading options are limited for institutional and high net worth clients. As per the bank management, due to the high volatility of many altcoins, only accredited investors should consider this as an option since they can absorb huge losses.

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