Multinational investment bank Barclays is not, in fact, joining the cryptocurrency markets through a Cryptocurrency trading Activities desk. It recently claimed that claiming that the bank was starting a trading desk based on information on several traders LinkedIn profiles. It originally seemed that Barclays had appointed one of their traders, Chris Tyrer, to lead the banks “digital asset project,” which entailed figuring out how the bank can best approach the quickly increasing cryptocurrency markets.
Chris Tyrer, the bank’s former head of energy trading, moved into a full-time role leading the so-called ‘digital assets project’ earlier this year but left the bank in September after the decision was taken to shelve the cryptocurrency trading project. Barclays, one of the world’s major banks with nearly 120,000 employees across the world and reporting over £21,000 billion in revenue, has sustained on the sidelines when it comes to the trading of digital assets.
Prior to these exposes, Jes Staley, Barclays’s CEO, had ruled out introducing a cryptocurrency trading desk, stating to shareholders in May that he feels doubtful about the know-how due to an agreement and regulatory issues.
He further stated that Cryptocurrency is an actual challenge as there is the advanced side of it and wanting to remain in the front of technology’s development in finance, as stated on Financial News. JPMorgan had also transferred Oliver Harris into the newly-created position of head of crypto-strategy in May, while Goldman Sachs mentioned that it is looking into introducing a desk for trading cryptocurrencies.
Banks Are Interested in Trading Crypto
Barclays had been leading initial valuations of whether or not trading cryptocurrencies could be a profitable venture for the bank. As per News BTC, Goldman Sachs was the first institution to announce that they would be opening a cryptocurrency trading desk and covered the way for other banks to open trading desks as well. Following Goldman, Morgan Stanley announced that they would be starting a detailed crypto trading desk for official traders.
The post The Investment Bank Barclay Stops Its Crypto Trading Activities For Tapping Into Growing Sector appeared first on OWLT Market.
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