Citigroup Inc. is reportedly considering whether to offer its biggest clients trading in bitcoin futures, Bloomberg reported.
“Our clients are increasingly interested in this space, and we are monitoring these developments,” Citigroup was quoted by the news outlet as saying. “Given the many questions around regulatory frameworks, supervisory expectations and other factors, we are being very thoughtful about our approach.” The bank added:
We are presently considering products such as futures for some of our institutional clients, as these operate under strong regulatory frameworks.
The publication further noted that the bank is awaiting regulatory approval to begin trading CME bitcoin futures, citing a person familiar with the matter.
In May, there were reports that Citigroup was contemplating launching crypto services after seeing a “very rapid” accumulation of interest in bitcoin across a broad spectrum of clients, including large asset managers. In June, reports noted the bank had established a “digital assets group” within its wealth management unit, citing a memo to staff that had been seen.
At the end of May, Citigroup CEO Jane Fraser gave her testimony on cryptocurrency before the Senate banking committee. She stated that Citigroup was taking a “measured approach” to cryptocurrency as the bank sought “to understand changes in the digital asset space and the use of distributed ledger technology, including demand and interest by our clients, regulatory developments and technological advancements.”