Bank of America (BofA) has reportedly approved the trading of bitcoin futures for some clients but will continue with ‘a conservative approach towards the cryptocurrency sector’.
Due to the requirement of a large amount of margin for trading the futures, only some wealthy clients of the bank have been allowed to access the cryptocurrency market. These clients have started to trade bitcoin futures, which are essentially fiat currency settled (which means cash-settled). The bank’s prime brokerage unit is also offering clearing and settlement of cryptocurrency exchange-traded products (ETPs) for hedge funds in Europe, according to media reports. BofA has become the
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