Digital Assets: Citi To Trade CME Bitcoin Futures

August 26, 2021 | Digital Assets, News

According to Coindesk’s sources, Citigroup has applied for regulatory clearance to trade bitcoin futures.

Citigroup (NYSE: C) has succumbed to clients’ demand for exposure to crypto-assets and is now working on obtaining the necessary approvals to trade CME bitcoin futures, according to Coindesk, which quoted anonymous sources.

Citi: Bitcoin is the new gold

In November 2020, Thomas Fitzpatrick, a Managing Director and the global head of the award-winning CitiFXTechnicals product within the G10 FX business at Citibank, described bitcoin as the new gold in a report addressed to Citi’s (NYSE: C) institutional clients.

“Gold has restrictions such as storage, non-portable, and could possibly be even called ‘yesterday’s news’ in terms of a financial hedge,” said Fitzpatrick. “Bitcoin is the new gold.”

Citi: No FOMO on bitcoin

It may be recalled that in May, Itay Tuchman, Citi’s (NYSE: C) global head of foreign exchange told the FT that the bank was considering a foray into the cryptocurrency markets after seeing rising interest among its clients. Inquiries the bank fielded from clients included for research, on crypto trading, and financing deals using crypto holdings.

Tuchman said at the time that he had no FOMO, that crypto was here to stay, and “that we are just at the very beginning of the market.”

Citi: Crypto headhunting

Coindesk said Tuesday that according to another source, Citi was on the lookout for talent to join its crypto team in London and that the team would begin to first trade CME bitcoin futures, followed by ETNs.

Citi also clarified to Coindesk in an email that the bank was being very thoughtful about its approach because institutional clients operated under strong regulatory frameworks.

“We are presently considering products such as futures for some of our institutional clients,” the bank clarified.

Related Story:  Citigroup Heeds Clients; Mulling Cryptos

Image of Citigroup London: Flickr                                                   

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
FinTech: India’s PayTM Gets Heat From Proxy Advisory Firm
August 12, 2022     FinTech, News

Proxy advisory firm Institutional Investor Advisory Services India Ltd. (IiAS) has issued a note ahead of PayTM’s (NSE: PAYTM) annual shareholders’ meeting on August 19 calling for the replacement of…
Venture Capital: Lockheed’s Venture Arm To Boost Investment In Space Startups
August 12, 2022     News, Venture Capital

Lockheed Martin (NYSE: LMT) and its venture finance arm Lockheed Martin Ventures plans to boost the latter’s investment outlay from $200 million to $400 million.
Digital Assets: Brazilian Fintech PicPay Launches Crypto Exchange With Paxos

PicPay, the well-known Brazilian payment app, has got its shoe in the crypto door in partnership with Paxos, a leading regulated blockchain infrastructure company. Picpay is opening crypto trading services…
FinTech: Telecom Behemoth BT Adds Barclaycard Payments To Partnership Network For Micro-Businesses
August 12, 2022     FinTech, News

BT (LON: BT.A), the telecom major, announced that Barclaycard Payments had joined its partnership network seeking to help the growth of UK microbusinesses. BT customers with 0-5 employees would get…