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Barclay’s Stance On Crypto is Inconsistent

On the 6th of August, a news report stated that Barclays put together a team of senior employees as a means of researching a possible introduction into cryptocurrency trading. Should these rumors and reports pan out, this sets a considerable step forward for Barclays. According to the chief executive officer, Jes Staley, the bank has absolutely no intended plans of launching a cryptocurrency trading service.

Press Time

According to reports by the Financial news, Barclays may be considering a possible introduction into crypto. Barclays' previous energy trading leader, Chris Tyrer, will be spearheading the digital asset project and it will research proper methods of placing a trading desk within the cryptocurrency market sector. Additionally, a bank representative has stated that no plans were underway in terms of initiating crypto-trade.

Another interesting fact is that a report on the 6th of August stated that the bank not in any way manufacturing or developing cryptocurrency products. According to reports, Tyrer and Matthieu Jobbe Duval, a previous trader with the bank, have been providing further development of the project since the start of 2018.

According to the latter’s account on LinkedIn, Duval has been brought on-board to contribute in providing a business strategy aimed at introducing a digital trading desk in the bank’s business, including chances at profit, rival-based environments, budget and more. Duval then later removed the related details from his account after an attempt at reaching for his statements was made.

Financial Adoption

Despite Barclays’ and their unpredictable and inconsistent stance on cryptocurrencies, many other banks are turning towards the digital innovation. Notably, Goldman Sachs has reported expressing interesting custodial crypto services for related funds. This comes even with the fact that the company’s Chief Executive Officer, Lloyd Blankfein, has expressed his disapproval of Bitcoin.

Asset management giant, BlackRock, has also expressed interest into hopping onboard the current crypto ecosystem. Even with the company’s head executive, Larry Fink had denied any reports about the company’s interest in crypto, further reports in July revealed that a specialized team was being set up as a means of entering the digital currency market.

During an interview, the CEO spoke and said that, allegedly, not a single customer of the company has expressed any interest in cryptocurrencies to this day. As many leading figures continue speaking down on cryptocurrencies, others are reconsidering and this may pave the way for even better exposure and development for cryptocurrencies and markets in general.

2 years ago

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