Barclays Is Reportedly Not Opening a Crypto Trading Desk
cryptocurrency technology

Barclays Is Reportedly Not Opening a Crypto Trading Desk

THELOGICALINDIAN - It now appears that bunch advance coffer Barclays is not in actuality abutting the cryptocurrency markets through a crypto trading desk

Reports initially alike bygone claiming that the coffer was starting a trading board based on advice on several traders LinkedIn profiles.

Barclays Not Developing Rumored Digital Asset Project

It initially appeared that Barclays had appointed one of their traders, Chris Tyrer, to advance the banks “digital asset project,” which basic addition out how the coffer can best access the rapidly accretion cryptocurrency markets.

Prior to these revelations, Jes Staley, Barclays’s CEO, had disqualified out ablution a crypto trading desk, cogent to shareholders in May that he feels skeptical about the technologies due to acquiescence and authoritative issues, saying:

“Cryptocurrency is a absolute claiming for us because, on the one hand, there is the avant-garde ancillary of it and absent to break in the beginning of technology’s advance in finance…On the added ancillary of it, there is the achievability of cryptocurrencies actuality acclimated for activities that the coffer wants to accept no allotment of.”

Regardless of Staley’s comments, reports surfaced that acutely refuted his attitude on the issue, claiming that the coffer had appointed two of its traders, called Chris Tyler and Matthieu Jobbe Duval to assignment on the alleged “Digital Asset Project.”

According to advice on the traders LinkedIn profiles, which has back been removed, Tyrer was the advance of the project, and Duval was a adviser for the project.

Duval’s LinkedIn Profile declared that he had been “hired to aftermath a business plan for amalgam a agenda assets trading board into Barclays’ markets business: acquirement opportunity, aggressive landscape, allotment and planning for delivery, I.T. buildout, basic & antithesis area impact.”

A Barclays agent told Business Insider that the coffer had no affairs to barrage a crypto trading desk, but did affirm that the two traders had formed at the bank.

Banks Are Interested in Trading Crypto

Although Barclays may not accept any accepted affairs to body a cryptocurrency trading desk, the coffer did altercate the affair with audience in April.

According to a report from Bloomberg, Barclays had been administering basic assessments of whether or not trading cryptocurrencies could be a assisting adventure for the bank. Spokesman Andrew Smith said in a statement:

“We consistently adviser developments in the agenda bill amplitude and will abide to accept a chat with our audience on their needs and intentions in this market.”

The letters additionally claimed that Barclays could be potentially partnering with Goldman Sachs, who is already alpha to access the cryptocurrency markets. However, a Barclays agent refuted these rumors in backward April. Although it is still cryptic whether or not Barclays will ultimately access the crypto markets, abounding added ample banking institutions accept already fabricated the jump.

Goldman Sachs was the aboriginal academy to advertise that they would be aperture a crypto trading board and paved the way for added banks to accessible trading desks as well. Following Goldman, Morgan Stanley appear that they would be aperture a specific crypto trading board for institutional traders. JPMorgan Chase additionally has developed a aggregation of analysts to analysis blockchain and cryptocurrency, but they accept not yet fabricated any absolute moves into the industry.