Barclays Puts Plan Of Cryptocurrency Trading Desk On Hold: Report

Barclays Puts Plan Of Cryptocurrency Trading Desk On Hold: Report

British banking giant Barclays has put on hold its plan to launch a cryptocurrency trading desk, Financial News reported. The bank was exploring the idea after reportedly reaching out to gauge the interest in a cryptocurrency trading desk among its clients, such as hedge funds and institutional investors.

Barclays’ Chief Executive Jes Staley had said in its annual general meeting in May, “Barclays remained wary of the regulatory and compliance issues surrounding the asset class.”

However, the bank created a team of four senior executives in early-August to find ways to begin trading cryptocurrencies. Barclays tapped its former head of energy trading, Chris Tyrer, to lead the digital assets project.

However, Tyre left the company in late September after plans of shelving the cryptocurrency trading project.

Recently, investment banking major Goldman Sachs also had dropped its plans to open a cryptocurrency trading desk. It was in May that New York Times reported Goldman Sachs’ plans to establish bitcoin trading operation scheduled to be launched by the end of June, but its CEO Lloyd Blankfein had denied any such move.

Players in traditional finance have been wary of cryptocurrencies, mainly because of its volatility and uncertainty.

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