Coindesk, citing three people familiar with the matter, reported that Bank of America’s main brokerage department has provided clearing and settlement services of cryptocurrency exchange-traded products (ETP) for European hedge funds. 

A Bank of America spokesperson declined to comment. 

CoinDesk reported last week that Bank of America has also approved selected customers for trading Bitcoin futures. 

The market's demand for crypto ETP has been increasing. According to Bloomberg data, in February, Goldman Sachs, ICAP, JPMorgan Chase, and UBS  purchased 21Shares Polkadot ETP for customers. In June, ETC Group launched the UK's first Bitcoin ETP on the Aquis exchange in London.

By Mary Liu