Barclays has reportedly put plans for a cryptocurrency buying and selling platform on pause, in keeping with assets conversant in the subject.
Barclays Puts Crypto Trading Project on Hold
U.Okay.-based multinational financial institution and monetary services and products corporate Barclays is claimed to have frozen a undertaking that will see the company launching a cryptocurrency buying and selling table, two assets “familiar with the situation” claimed.
The “digital assets project” used to be being led by Barclays former international head of commodities Chris Tyrer, along head of foreign exchange and rising markets macro technique, Marvin Barth, generation officer Lee Braine, and virtual belongings marketing consultant Matthieu Jobbe Duval. The determination to awl the undertaking reportedly brought on Tyrer to go out his submit main the undertaking in September.
The quartet have been researching cryptocurrencies viability as an asset Barclays’ consumers could be eager about, and to raised perceive what operational infrastructure can be required to enhance the trouble.
However, it sounds as if that the analysis both found out a variety of demanding situations Barclays wasn’t ready to stand, or discovered a definite loss of pastime from consumers prepared to discover the rising asset elegance as an funding automobile.
No particular reason why used to be given for the verdict, simplest that the undertaking used to be put “on ice.” In fresh weeks, as cryptocurrencies proceed to enjoy declining costs, a common loss of pastime from institutional traders has led to different cryptocurrency merchandise to be folded.
However, previous feedback from Barclays leader govt officer Jes Staley may shed some gentle as to why Barclays were given chilly ft with a crypto buying and selling table. Staley fearful that cryptocurrencies might be “used for activities that the bank wants to have no part of.”
Barclays used to be rumored to be investigating a cryptocurrency buying and selling table again in April of this yr, in partnership with Goldman Sachs. The buzz surrounding the rumor picked up steam when Barclays created its Digital Asset Team in August.
Competition in Crypto Space Begins to Heat Up
Barclays’ attainable spouse at the undertaking, Goldman Sachs, may be rumored to be operating by itself cryptocurrency buying and selling table. Like Barclays it too has pivoted from side to side between supporting and denying the life of the sort of buying and selling table.
Last month, rumors emerged from nameless assets claiming that the main U.S. finance company used to be ditching plans for a cryptocurrency buying and selling table. Yet, Goldman’s leader monetary officer Marty Chavez known as the document “pretend news.”
Traditional finance corporations like Goldman Sachs, Barclays, JPMorgan, and others, are in a race to open the primary cryptocurrency buying and selling table aimed at institutional traders.
Competition within the area is starting to warmth up, with New York Stock Exchange mum or dad corporate Intercontinental Exchange set to take step one by means of providing bodily delivered Bitcoin futures by means of its Bakkt platform this coming November.
Featured symbol from Shutterstock.