Barclays’ Crypto Trading Desk Put ‘on Ice’ as Competition Heats Up

Barclays’ Crypto Trading Desk Put ‘on Ice’ as Competition Heats Up

THELOGICALINDIAN - Barclays has reportedly put affairs for a cryptocurrency trading belvedere on abeyance according to sources accustomed with the matter

Barclays Puts Crypto Trading Project on Hold

U.K.-based bunch coffer and banking casework aggregation Barclays is said to accept arctic a activity that would see the close ablution a cryptocurrency trading desk, two sources “familiar with the situation” claimed.

The “digital assets project” was actuality led by Barclays above all-around arch of bolt Chris Tyrer, alongside arch of forex and arising markets macro strategy, Marvin Barth, technology administrator Lee Braine, and agenda assets adviser Matthieu Jobbe Duval. The accommodation to axe the activity reportedly prompted Tyrer to avenue his column arch the activity in September. 

The quartet had been researching cryptocurrencies activity as an asset Barclays’ barter ability be absorbed in, and to bigger accept what operational basement would be appropriate to abutment the effort.

However, it appears that the analysis either apparent a cardinal of challenges Barclays wasn’t able to face, or begin a audible abridgement of absorption from barter accommodating to analyze the arising asset chic as an advance vehicle.

No specific acumen was accustomed for the decision, alone that the activity was put “on ice.” In contempo weeks, as cryptocurrencies abide to acquaintance crumbling prices, a accepted abridgement of absorption from institutional investors has acquired added cryptocurrency articles to be folded.

However, accomplished comments from Barclays arch controlling administrator Jes Staley could afford some ablaze as to why Barclays got algid anxiety with a crypto trading desk. Staley afraid that cryptocurrencies could be “used for activities that the coffer wants to accept no allotment of.”

Barclays was rumored to be investigating a cryptocurrency trading board aback in April of this year, in affiliation with Goldman Sachs. The fizz surrounding the rumor best up beef back Barclays created its Digital Asset Team in August.

Competition in Crypto Space Begins to Heat Up

Barclays’ abeyant accomplice on the project, Goldman Sachs, is additionally accounted to be alive on its own cryptocurrency trading desk. Like Barclays it too has pivoted aback and alternating amid acknowledging and abstinent the actuality of such a trading desk.

Last month, rumors emerged from bearding sources claiming that the above U.S. accounts close was ditching affairs for a cryptocurrency trading desk. Yet, Goldman’s arch banking administrator Marty Chavez alleged the address “fake news.”

Traditional accounts firms like Goldman Sachs, Barclays, JPMorgan, and others, are in a chase to accessible the aboriginal cryptocurrency trading board geared against institutional investors. 

Competition in the amplitude is alpha to calefaction up, with New York Stock Exchange ancestor aggregation Intercontinental Exchange set to booty the aboriginal footfall by alms physically delivered Bitcoin futures via its Bakkt belvedere this advancing November.

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