Bitcoin's Progress Into Mainstream Adoption

One of the industry's leading voices, Jamie Dimon, once famously described Bitcoin as a "Fraud," and other institutions acted like it was.

In December, Cboe and CME - two Chicago-based commodity exchanges - were the first mainstream financial institutions to offer Bitcoin futures.

The products stumbled at first, but Bitcoin futures has become significantly more popular in the recent months.

Other companies have followed their lead. In May, Intercontinental Exchange - the parent company of the New York Stock Exchange - revealed that it is developing a crypto trading product that would allow investors to purchase Bitcoin directly.

Goldman Sachs announced that it also plans to offer Bitcoin Futures to its customers.

According to The New York Times, the brothers pitched SIG on joining their Bitcoin ETF, which had an outstanding application with federal regulators.

SIG's recent initiative was inspired by the success of Bitcoin futures contracts, and the company has decided to begin offering their clients access to crypto markets.

The company's cryptocurrency desk will provide clients access to Bitcoin, Bitcoin futures, Ethereum and Bitcoin Cash, which includes three of the top four most valuable digital currencies by market cap.

Bitcoin is not classified as a security, but the SEC continually makes it clear that it sees most other cryptocurrencies as securities that should be regulated.

While SIG is bullish on Bitcoin's role in the financial system, the company acknowledge some of the industry's shortcomings.