Following Goldman Sachs and Morgan Stanley rush into the market, Bank of America doesn’t want to be left out to loose on important clients and future market share.

Bank of America and Merrill Lynch has joined the beeline to offer crypto-based products to its clients. As the company is set to produce a Bitcoin product that will be tradeable for clients and based on the futures markets in aggregate.

The article features limited information about how the bitcoin trading product will work. However it’s a huge news for the crypto space, and it’s yet another sign of major Wall Street institutions jumping into bitcoin in a major way.

The product that Bank of America is looking to develop seems to be a Bitcoin derivative connected to a Non-Deliverable Forward. A complex product only the best on the Street can understand.

In traditional financial markets, NDFs are an outright forward or futures contract where counterparties settle the difference between the contracted NDF price or rate and the prevailing spot price or rate on an agreed notional amount. NDFs are used in various markets – including forex markets and commodities.

Earlier this week it was revealed that Citigroup was chasing Goldman Sachs down this same road and preparing a like-minded Bitcoin derivative

Goldman Sachs has been reportedly developing its bitcoin derivative product all year, and that news has been reported across the crypto industry all summer.

Bank of America’s Merrill Lynch to Launch Bitcoin Trading Product

Read More Via the Link Below


Like it? Share with your friends!

505
1k share, 505 points

What's Your Reaction?

lol lol
66
lol
scary scary
666
scary
omg omg
600
omg
wtf wtf
466
wtf
win win
333
win
fail fail
266
fail
Love Love
200
Love
hate hate
600
hate
confused confused
133
confused
avatar
  Subscribe  
Notify of
Choose A Format
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Meme
Upload your own images to make custom memes
Image
Photo or GIF
Video
Youtube, Vimeo or Vine Embeds
Gif
GIF format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Countdown
The Classic Internet Countdowns