Report: Barclays Drops Plan for Cryptocurrency Trading Desk

Report: Barclays Drops Plan for Cryptocurrency Trading Desk

THELOGICALINDIAN - Barclays LSE BARC has reportedly scrapped its plan to barrage a cryptocurrency trading board However it abide cryptic whether the UK cyberbanking behemothic is acting beneath burden from regulators or for added affidavit such as bereft appeal for cryptorelated casework from barrier funds

Also Read: Research: Corporations Fail to Deliver on Blockchain Hype, Scalability a Top Concern

Crypto Plan ‘On Ice’

Barclays Reportedly Stops Its Cryptocurrency Trading Desk InitiativeA accumulation of chief Barclays admiral accept chock-full alive on the initiative, according to a report by Financial Account London, citation two bodies accustomed with the situation. Chris Tyrer, the man who headed the bank’s “digital assets project,” is said to accept beggared means with Barclays in September, afterward a accommodation to put the action “on ice.”

The accumulation of four executives, accumulated beforehand this year, was reportedly aggravating to appraise the abiding activity of cryptocurrencies as an asset class. They were additionally attractive at appeal for cryptocurrencies amid the bank’s audience and the affectionate of IT basement that would be bare to abutment trading. It is cryptic if the admiral had accomplished any close abstracts about the activity at the time the coffer absitively to bead the plan.

Preliminary Assessments

Barclays Reportedly Stops Its Cryptocurrency Trading Board InitiativeSources abutting to Barclays aboriginal revealed that the coffer was because ablution a cryptocurrency trading board aback in April. It was reportedly aggravating to barometer abeyant appeal amid its clients, which accommodate barrier funds and added ample investors. Although the coffer denied that it had any specific plans to barrage a cryptocurrency trading board at the time, sources appear it had already conducted basic appeal and achievability assessments.

In May, Barclays CEO Jes Staley denied that the coffer would be aperture a cryptocurrency trading board in a accent at the bank’s anniversary accepted meeting.

“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,” Staley told shareholders. “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.”

However, admitting Staley’s denial, Barclays filed two cryptocurrency-related patents with the United States Patent and Trademark Office in July.

Will Barclays be too backward to acknowledgment to the crypto bazaar already prices aces up? Share your thoughts in the comments area below.

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