Bank of America launches Bitcoin futures trading for some clients

Bank of America is launching Bitcoin futures trading for some of its supposed customers, as we saw on our latest Bitcoin news today.

After years of trash talk about Bitcoin, one of America’s oldest banks – Bank of America – has started trading Bitcoin futures for some of its customers. Citing two sources familiar with the matter, reports suggest that the Wall Street Giant will allow some customers to trade BTC futures. The plan to give a small number of customers access to the new service is due to the high margin required to trade futures. One of the sources even pointed out that some customers who may have already started interacting with the major cryptocurrency through the BOFa platform will be using CME futures.

The development comes a week after another report says the banking giant set up a designated research group focused on the crypto industry. It should also be noted that the bank has been among the most vocal critics of Bitcoin in recent years, even publishing an article earlier this year saying that BTC has failed as a store of value because it is impractical and too volatile. A few years ago, Bank of America prevented customers from trading and working in cryptocurrencies, particularly Bitcoin.

As recently reported, a Bank of America executive praised Ripple as a partner for the quality of its services. In an interview, the CEO of Bank of America stated how Ripple complies with any requirements with the bank. Julie Harris, Global Head of Banking, spoke in a podcast a few days ago about the new payment options for companies and the need for faster and more efficient methods.

Harris didn’t elaborate on how the bank might use Ripple in the future. She mentioned Swift in the same context, so it’s safe to say that cross-border payments are an important part of the plan. There has been speculation that the US Federal Reserve will use Ripple for a long time. Ripple even confirmed in October that it had been working with the bank for several years now, but only admitted that it was just a test project. The banking giant hired an expert for Ripple, but did not provide any further details.

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