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Home Cryptocurrency news Bitcoin

Barclays’ Crypto Trading Desk Put ‘on Ice’ as Competition Heats Up

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news, Cryptocurrency Technology
Reading Time: 3min read
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Barclays has reportedly put plans for a cryptocurrency trading platform on pause, according to sources familiar with the matter.

Barclays Puts Crypto Trading Project on Hold

U.K.-based multinational bank and financial services company Barclays is said to have frozen a project that would see the firm launching a cryptocurrency trading desk, two sources “familiar with the situation” claimed.

The “digital assets project” was being led by Barclays former global head of commodities Chris Tyrer, alongside head of forex and emerging markets macro strategy, Marvin Barth, technology officer Lee Braine, and digital assets consultant Matthieu Jobbe Duval. The decision to axe the project reportedly prompted Tyrer to exit his post leading the project in September. 

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The quartet had been researching cryptocurrencies viability as an asset Barclays’ customers might be interested in, and to better understand what operational infrastructure would be required to support the effort.

However, it appears that the research either discovered a number of challenges Barclays wasn’t prepared to face, or found a distinct lack of interest from customers willing to explore the emerging asset class as an investment vehicle.

No specific reason was given for the decision, only that the project was put “on ice.” In recent weeks, as cryptocurrencies continue to experience declining prices, a general lack of interest from institutional investors has caused other cryptocurrency products to be folded.

However, past comments from Barclays chief executive officer Jes Staley could shed some light as to why Barclays got cold feet with a crypto trading desk. Staley worried that cryptocurrencies could be “used for activities that the bank wants to have no part of.”

Barclays was rumored to be investigating a cryptocurrency trading desk back in April of this year, in partnership with Goldman Sachs. The buzz surrounding the rumor picked up steam when Barclays created its Digital Asset Team in August.

Competition in Crypto Space Begins to Heat Up

Barclays’ potential partner on the project, Goldman Sachs, is also rumored to be working on its own cryptocurrency trading desk. Like Barclays it too has pivoted back and forth between supporting and denying the existence of such a trading desk.

Last month, rumors emerged from anonymous sources claiming that the major U.S. finance firm was ditching plans for a cryptocurrency trading desk. Yet, Goldman’s chief financial officer Marty Chavez called the report “fake news.”

Traditional finance firms like Goldman Sachs, Barclays, JPMorgan, and others, are in a race to open the first cryptocurrency trading desk geared toward institutional investors. 

Competition in the space is beginning to heat up, with New York Stock Exchange parent company Intercontinental Exchange set to take the first step by offering physically delivered Bitcoin futures via its Bakkt platform this coming November.

Featured image from Shutterstock.

Tags: barclaysbitcoinchris tyrerGoldman sachsjes staley
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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