Bank of America has announced the approval of bitcoin futures for a portion of its clients. The US-based lender is now allowing its customers to trade BTC, +2.85%. This is according to sources close to the situation.
Bank of America, like several other financial institutions across the globe, has taken a careful approach to the cryptocurrency sector.
However, given the huge margins needed to trade bitcoin futures, the lender has resolved to let a section of its customers trade digital currencies. A few client accounts are now set to go live, while other accounts are being set up.
This recent move by BoA follows a trend in the investment banking sector, where institutions are now letting clients take on crypto products.
Goldman Sachs announced in March that it would relaunch its trading desk after putting it on hold for three years. The firm started trading bitcoin futures in blocks in May, and the trades were facilitated through Chicago Mercantile Exchange (CME) Group, with Cumberland DRW as a trading partner.
Bank of America will also be using CME futures, according to one of the sources.
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