Bank Of America Launches Bitcoin Futures Trading For Some Clients

Bank of America launches bitcoin futures trading for some of its clients allegedly, as we can see some more in our latest Bitcoin news today.

After years of talking trash about Bitcoin, one of America’s oldest banks- Bank of America launches Bitcoin futures trading for some of its clients. Citing two sources familiar with the matter, the reports show that the Wall Street Giant will enable some of the customers to trade BTC futures. The plan to allow a handful of clients to access the new service is because of the huge amount of margin required to trade futures. One of the sources even indicated that some customers could have already started interacting with the main cryptocurrency through BOFa’s platform that will use CME futures.

The development came a week after another report said that the giant banking organization set up a designated research team focusing on the crypto industry. It’s also worth noting that the bank is among the biggest critics of Bitcoin in the past few years and earlier this year it even published a paper in which it claimed that BTC failed as a store of value because it was not practical and too volatile. A few years back, Bank of America blocked clients from trading and operating with crypto especially with Bitcoin.

As recently reported, A Bank of America exec praised Ripple as a partner because of its way of delivering quality services. In an interview, the Bank of America exec noted how Ripple complied with any requirements with the bank. Julie Harris, the head of global banking commented on a podcast a few days ago, about the emerging payment options available for businesses and the need for faster and efficient methods.

Harris didn’t explain further how the bank could be using Ripple in the future. She mentioned Swift in the same context so it is safe to say that the cross-border payments are a big part of the plan. There have long been speculations that the Bank of America will start using Ripple. Ripple even confirmed back in October that it had been working with the bank for a few years now but only acknowledged that this was only a pilot project. The banking giant hired one ripple specialist but didn’t provide further details.

Source: https://www.dcforecasts.com/bitcoin-news/bank-of-america-launches-bitcoin-futures-trading-for-some-clients/