Citi Considering Trading Bitcoin Futures

Global bank considering such products for certain clients given the strong regulatory frameworks they operate under.


Source: Shutterstock


key takeaways

key takeaways

  • Citi “being very thoughtful” about its approach on crypto given the questions around regulatory frameworks and supervisory expectations
  • Potential plans to trade futures would follow similar moves by Goldman Sachs and Bank of America in recent months

Citigroup is looking into trading bitcoin futures contracts on the Chicago Mercantile Exchange (CME) following moves by other banks to provide their clients with crypto exposure.

The global bank is considering products such as futures for some of its institutional clients given the strong regulation that such investment offerings operate under, a Citi spokesperson told Blockworks.

“Our clients are increasingly interested in this space, and we are monitoring these developments,” the representative said. “Given the many questions around regulatory frameworks, supervisory expectations, and other factors, we are being very thoughtful about our approach.”

Citi provides consumers, corporations, governments and institutions various financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. It has about 200 million customer accounts and operates in more than 160 countries and jurisdictions. 

The company’s potential plans come several months after Goldman Sachs announced a digital assets strategy involving offering bitcoin derivatives to clients and opening a dedicated trading desk for cryptocurrency. The Wall Street giant named Galaxy Digital the liquidity provider for its bitcoin futures block trades through CME Group in June. 

Last month, Bank of America was also reportedly set to use bitcoin futures through CME Group shortly after it began research coverage of cryptocurrency and digital assets.

“I expect that traditional Wall Street will try to get creative on how to benefit from crypto without diving in head-first,” David Tawil, president of ProChain Capital, previously told Blockworks. “It’s more likely that they will be forced [rather] than take the initiative.”

Outside of trading bitcoin futures, banks have shown more willingness to enter the crypto space. In July, JPMorgan reportedly became the first large US bank to allow its financial advisors to give all its wealth management clients access to cryptocurrency funds. 

Morgan Stanley confirmed in April that it was offering certain clients — individual investors with at least $2 million or investment firms with $5 million or more — exposure to bitcoin through two external crypto funds.

Want more investor-focused content on digital assets? Join us September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket. Buy it now.


Upcoming Events

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

recent research

Pyth Cover.jpg


Pyth is a low latency pull-based oracle. In a future that looks increasingly high frequency, with various alt L1s and L2s that have significantly shorter block times than Ethereum, and an explosion of “high-frequency” protocols such as oracle or CLOB perp DEXs, Pyth’s low latency oracle product looks much better positioned to capture a significant amount of market share in comparison to competitors.


Can an ERC-20 token fix science? Coinbase’s Brian Armstrong hopes so


Roughly $65 billion worth of assets remain on Binance after the exchange agreed to pay, forfeit $4.3 billion Tuesday, Nansen data shows


The HTX exchange has been hit by a security breach, similar to the recent Poloniex hack


We have the answers for the usual barrage of questions stuffed with preconceived judgments about Web3, crypto and blockchain


NFT data will be integrated into CoinGecko APIs in second quarter of 2024, having bought Zash for an undisclosed sum


Binance and its former CEO have pleaded guilty to federal charges of over $4.3 billion