British Investment Banking Giant Barclays Possibly Working On a Crypto Trading Desk

07. Aug 2018 Posted by Akolkar B on News

In the past, banking institutions have usually shared a quite hostile relationship with the crypto industry. However, off lately most of the banking institutions have started exploring the cryptocurrency space due to increased demand from its institutional clients regarding crypto investment products.

According to the latest report from Business Insider, banking giant Barclays is possibly working on launching a new cryptocurrency trading desk. Two of the Barclays’ employee’s LinkedIn profiles shows that they are working on a “Digital Assets project”.

Chris Tyrer, who was previously the head of energy trading at Barclays now lists his occupation as “Head of Digital Assets Project: Barclays Investment Bank”. Matthieu Jobbe Duval, who earlier worked as the director of oil options trading at Barclays noted his occupation as occupation as “Digital Assets trading – Consultant at Barclays”.

Duval also mentioned in his LinkedIn profile that the multinational banking giant has “Hired him to produce a business plan for integrating a digital assets trading desk into [the bank’s] markets business revenue opportunity, competitive landscape, budgeting and planning for delivery, I.T. buildout, capital & balance sheet impact.”

Business Insider then reached out to Barclays to confirm their role in the crypto space to which a company spokesperson refuted to any such developments saying that it has no such plans for the moment.

Back in April 2018, there was a rumor of Barclays starting its own crypto trading desk. to this, Barclays CEO Jes Staley had replied saying that there is no such project in the pipeline. Later, next month in May 2018, Staley told a shareholder that he is skeptical about the crypto space owing to regulatory and compliance issues.

He also told that the bank is currently exploring the crypto space due to the increased demand from its clients. Just yesterday, WorldCoinIndex reported of Goldman Sachs reportedly starting a crypto-custody service for cryptocurrency funds.

A Goldman Sachs spokesperson was quoted saying: “In response to client interest in various digital products we are exploring how best to serve them in this space. At this point we have not reached a conclusion on the scope of our digital asset offering.”