Bank of America, one of the most important banks in the United States, took a step into the world of cryptocurrencies, after approving the trading of bitcoin (BTC) futures on its platform.
In that sense, the financial institution will allow some of its clients to access the BTC market, according to the specialized medium Coindesk. It is even possible that some of the clients are already taking advantage of the new financial instrument, while others are preparing to invest, indicated unidentified sources of the financial institution.
Among other things, the spokespersons also reported that Bank of America, will also buy futures on the Chicago Mercantile Exchange (CME)., one of the world’s leading derivatives exchanges and institutional provider of Bitcoin futures contracts.
Bank of America will acquire futures on the Chicago Mercantile Exchange (CME).
All this, while CME announces that it will expand its bitcoin derivatives offering, with the launch of BTC microfutures contracts, as reported by CriptoNoticias.
Bank of America and its contradictions
It is worth noting that, until now, the information on the adoption of bitcoin by the bank has not been confirmed by authorities of the financial institution, if it is a fact, the adoption of bitcoin by Bank of America contradicts his position on cryptocurrency, exposed in a report just 4 months ago.
In the report collected by this means, the bank indicated that the “exceptional volatility” of bitcoin makes it ‘impractical as a store of value or as a means of payment “.
Bank of America follows the route of other banks regarding bitcoin
The path that Bank of America is beginning to take towards bitcoin has already been followed by other US financial institutions, with other types of financial instruments.
Such is the case of Morgan Stanley, which became the first traditional bank in the United States to offer the purchase of bitcoin to its clients through three investment funds.
Another bank that has been taking ground in the cryptocurrency market is Goldman Sachs. CriptoNoticas reported last March that the financial institution would offer its private clients wealth management in mechanisms to invest in bitcoin.
Goldman also entered the bitcoin futures markets game, partnering with cryptocurrency investment and financial services company Galaxy Digital to provide liquidity to its clients.