Bitcoin costs rose past $50,000 on Monday after weathering a crackdown by Chinese authoritiesCitigroup Inc is considering providing bitcoin futures trading for some institutional clients, a spokesperson for the bank stated on Tuesday, pointing out increased need in the cryptocurrency space.
Bitcoin costs rose previous $50,000 on Monday, after having weathered a crackdown by Chinese authorities on domestic cryptocurrency mining companies previously this year, as mainstream adoption by corporations and the broader public collects pace.Media outlet Coindesk reported previously on Tuesday that Citi is waiting for regulatory approval to start trading bitcoin futures on the Chicago Mercantile Exchange, pointing out a source within the bank.
Provided the many concerns around regulative structures, supervisory expectations, and other factors, we are being really thoughtful about our technique, a Citi spokesperson said in an email.
We are currently considering products such as futures for a few of our institutional clients, as these operate under strong regulative frameworks, she added.
The bank was weighing the alternative of providing cryptocurrency associated services in May, according to a Financial Times report.Business Expert reported late July that JPMorgan Chase - & Co will permit all of its wealth management clients access to cryptocurrency funds.