Bank of America, one of the largest banks in the United States, took a step into the world of cryptocurrencies, after approving bitcoin (BTC) futures trading on its platform.
In that sense, the financial institution will allow some of its customers to access the BTC market, according to specialized media Coindesk. Even, it is possible that some of the customers already taking advantage of the new financial instrument, while others are preparing to investidentified sources from the financial institution.
Among other things, spokespersons also reported that Bank of America, it will also acquire futures on the Chicago Mercantile Exchange (CME), one of the world’s leading derivatives exchanges and institutional provider of Bitcoin futures contracts.
All this, while CME announces that u dena expands its offer of bitcoin derivatives, with the launch of BTC micro futures contracts, as reported by CriptoNoticias.
Bank of America and its contradictions
It is worth noting that, so far, the information on the adoption of bitcoin by the bank has not been confirmed by authorities of the financial institution, if a fact, the adoption of bitcoin by Bank of America contradicts itself with its position on cryptocurrency, exposed in a report only 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 path of other banks regarding bitcoin
The path that Bank of America is starting to travel towards bitcoin, has already been traversed by other American financial institutions, with other types of financial instruments.
Such is the case of Morgan Stanley, which became the first traditional US bank in offer the purchase of bitcoin to their customers through three mutual funds.
Another bank that has been gaining ground in the cryptocurrency market is Goldman Sachs. CriptoNoticas reported last March, that the financial institution would offer its private clients of wealth management in mechanisms to invest in bitcoin.
Goldman also entered the game of bitcoin futures markets, partnering with cryptocurrency investment and financial services company Galaxy Digital to provide liquidity to its clients.