As per two unverified sources, Bank of America, the country’s second-biggest bank, has begun to approve Bitcoin futures trading for a certainty of its customers.
Bitcoin Futures are now available from Bank of America
Bitcoin futures trading is becoming more competitive.
Two unnamed people familiar with the situation informed Coindesk that Bank of America has begun enabling select users to buy bitcoin futures.
Futures trading has been a significant element of institutional digital currency activities. Large institutional investors may be hesitant to own Bitcoin directly because they are afraid of regulatory concerns. Bitcoin futures, on the other hand, enable institutions to get access to Bitcoin and other digital currencies without having to possess the underlying assets.
Bitcoin futures have been gaining popularity. The volume of Bitcoin futures exchanging on the Chicago Mercantile Exchange (CME) has increased from $910,000 to over $23 million in the previous two months.
Bank of America will follow the example of Goldman Sachs, which began trading Bitcoin futures on the CME in May. The CME will also be used by Bank of America for futures trading, as per one of the unnamed individuals.
The United States isn’t the only nation experiencing a surge in Bitcoin futures trading. Bybit, a Singapore-based platform, had unprecedented trading volumes on Bitcoin futures in May, topping $4.2 billion.
Bitcoin futures appear to be in great demand, notwithstanding the market slump. If institutional demand continues high, it is anticipated that additional banks will begin providing Bitcoin futures to their customers soon.