Big Banks, including JPMorgan Chase and Citigroup will not immediately clear bitcoin trades for clients once Cboe Global Markets and CME Group start trading futures contracts in the cryptocurrency next week, the Financial Times reported, citing people familiar with the matter.
Goldman Sachs Group Inc on Thursday said it is planning to clear bitcoin futures for some clients as the new contracts go live on the exchanges in the coming days.
Cboe Global Markets will start derivatives trading on Sunday evening, while rival CME Group is set to start on December 18. The exchanges’ entrance into the volatile bitcoin market is being seen as a sort of legitimization of the cryptocurrency, which has helped spur its remarkable run this week; it momentarily reached a price of $19,000 on Thursday.
JPMorgan and Citigroup did not immediately respond to requests for comment.