Bank of America which is the U.S. second-largest bank is now letting some of its valuable clients let trading be done in the bitcoin future. Just the way most of the institutions have been doing, banks are now conservating the approach to the crypto area. On July 18, the bank made this announcement allowing clients to invest in crypto products to gain more customers' trust.

As there has been quite a huge number of margins which is required for the futures, bank of America is for now just letting some of its clients get access to the crypto market. There are so many clients who are now actually setting the future of the trade bitcoin which is now settled in the case.

There are some clients who also seem to have gone live as well. Goldman Sachs in March gave confirmation about the plans to relaunch the trading desk of the cryptocurrency after a three-year hiatus.

In the month of May, there have been many investment banks who have already initiated the purchase and sell of the bitcoin future using the Chicago Mercantile Exchange (CME) Group in block trades where Cumberland DRW has been working as the trading partner.

At the initial of this month, it was stated that Charlotte, an N.C.-based bank has now come up with a team that is solely dedicated to researching more on the technologies like cryptocurrencies. Before this, in the year 2018, Bank of America had even blocked all the financial clients and advisers to further trade in the investment that was related to bitcoin.

If we look at In today’s time, the policy has changed a lot. Even if there has not been any quick request-reply for the comment by Bank of America on the crypto but certainly it is hoping now to trade in crypto as a rewarding business opportunity. 

Shivangi Mujumdar

CBW - External Analyst

INDIA