That Bank Now Provides #Bitcoin Service!Does #Bank of #America offer cryptocurrency service?
Bank of America, the second largest banking institution in the US, provides Bitcoin futures services for some of its customers, according to the latest information reflected in the media. Shocking comeback from Bank of America. Known for its abstaining and negative comments on cryptocurrencies, the bank allegedly offers Bitcoin futures services.
📢Is Bank Of America Offering Crypto Service?
One source reported that the bank, like most institutions, is reluctant in its approach to the crypto sector, but offers this service to some of its clients due to the large amount of margin required to trade futures. However, it was reported that some customers have already started trading for Bitcoin futures. On the other hand, according to other information reflected in the media, Bank of America will also use CME futures. Bank of America (BoA) officials have not yet commented on these claims.
The Charlotte-based bank reportedly formed a team earlier this month to research cryptocurrencies and related technologies. In 2018, BoA blocked financial advisors and clients from trading in Bitcoin-related investments. However, the bank, which completely reversed this strategy, now allegedly provides crypto money services.
📢Bitcoin Futures
CME Bitcoin futures were launched in 2017. In May, CME launched “Micro Bitcoin” futures products to capitalize on Bitcoin's price rally. Earlier this year, it ranked first on the list of the largest Bitcoin futures platforms, showing continued institutional participation. According to Arcane Research, total open interest in the Bitcoin futures market was recorded at $11.3 billion, down 59% from its peak of $27.3 billion on April 13.