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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.
