Copy link
Increase text size
Decrease text size
Link copied

Bank of America offers Bitcoin futures to select clients

Unnamed sources claim that some of the bank’s clients have set up for BTC futures trading and that one or two accounts might have already gone live and started their trading activities.

Image by: Mike Mozart / Flickr

Mon, 19 Jul 2021, 09:43 am UTC

Another major banking institution has reportedly started offering crypto-related products due to demand from its clientele. Bank of America, one of the largest financial institutions in the United States, might have already started offering Bitcoin (BTC) futures to some of its clients.

Bank of America has approved the trading of Bitcoin (BTC) futures, according to Coindesk. The report, which cited unnamed sources who spoke with the publication on condition of anonymity, added that the product will only be available for the bank’s select clients.

The bank has been cautious in its approach to cryptocurrencies. However, it decided to offer Bitcoin (BTC) futures trading to some clients due to the significant margin it requires, which potentially makes it a very rewarding business opportunity, according to Fortune.

One source claimed that some of the bank’s clients have set up for BTC futures trading and that one or two accounts might have already gone live and started their trading activities. Bank of America will be using the Chicago Mercantile Exchange (CME) futures platform, which was launched in 2017 and is now one of the biggest Bitcoin futures trading platforms in the world.

The bank did not allow financial advisors and clients from trading in Bitcoin-related products back in 2018 but it appears that its stance on the crypto has changed since then. It was revealed earlier this month that Bank of America has created a team focused on researching cryptocurrencies and related technologies.

Bank of America declined to make a comment on the report. The Charlotte, North Carolina-based bank is the second-largest bank in the U.S. and generated $85.52 billion in revenues in 2020.

If the report is correct, the financial institution is joining an increasing number of investment banks that are reportedly allowing clients to invest in crypto. For instance, Goldman Sachs confirmed that it plans to reopen its cryptocurrency trading desk. Goldman Sachs first launched the crypto desk in 2018 but had to shut it down due to the waning interest in the crypto market due to the correction that followed the 2017 market rally.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (btc) $38,748.00 (+2.58%)
  • Ethereum (eth) $2,676.00 (+8.10%)
  • Tether (usdt) $1.00 (+0.05%)
  • Binance Coin (bnb) $329.86 (+2.76%)
  • Cardano (ada) $1.37 (+3.24%)
  • Bitcoin (btc) $38,748.00 (+2.58%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft