Are Barclays Looking To Open A Crypto Trading Platform?
We have seen in recent times that top financial institutions around the world are slowly beginning to embrace the growing cryptocurrency industry.
Some of the biggest banks in the world are slowly but surely venturing into the crypto market and the latest bank alleged to be moving into crypto trading is Barclays Bank Plc.
According to updated LinkedIn profiles, two of Barclays' employees are working together to create a plan to integrate the trading of digital assets to the bank's marketing business.
According to Chris Tyrer's profile, he was hired for this purpose as well as tasked with the creation of a crypto trading desk for the bank. The profile has since then been updated and no mention of the crypto trading desk can be found. When asked for comment, Tyrer did admit that the information was accurate but did not comment any further. Another Barclay’s employee, Matthieu Jobbe Duval was listed as a consultant for the project.
The claim was contradicted by a Barclays spokesman. Although the spokesman confirmed that the two individuals were employees of Barclays, the spokesman said that the company had no plans about setting up a digital assets trading desk. However, Barclays issued a statement back in April after rumors of the bank's plans for a crypto trading desk started popping up.
In a statement, Andrew Smith, a spokesman for Barclays said
We constantly monitor developments in the digital currency space and will continue to have a dialog with our clients on their needs and intentions in this market
Crypto Trading Market Heats Up
Besides the initial statement in April, Barclays has been very tight-lipped about their plans for crypto trading. The company has obviously moved towards formulating the basics for a crypto trading desk but the plan has either been stopped cold or been put under the top secret label until it is ready for the public.
Barclays is not the only bank thinking of dipping its toes in the crypto trading market. Reports have come in of other big banks thinking about setting up their own crypto trading desk. Goldman Sachs is already planning the launch of their bitcoin trading desk while JP Morgan and Morgan Stanley recently hired bitcoin experts to help with their expansion into the market.
The big news is the Intercontinental Exchange (ICE), which runs the New York Stock Exchange, setting up a bitcoin trading system called Bakkt in conjunction with big companies like Microsoft. With all of these developments, we can expect a boom in crypto trading soon as all these plans become reality.
David is a forex trader and writer who has spent the last few years giving his opinion and spreading news about oncoming markets and trading tips. Besides from being a trader he is also a lifelong Everton fan and enjoys spending free time watching his beloved team in the premier league.