Report: Barclays Halts Crypto Project “Temporarily”
Barclays is putting its crypto project on hold in the midst of the current bear market that led to weakened investor interest.
The investment bank, based in the United Kingdom, set the project aside last month according to news reports. The move led Chris Tyrer, who was designated the lead position of the project, to resign.
One of the major aspects of the project consisted of judging whether or not crypto was simply a trend, and to detect how interested clients would be in crypto assets. It also set out to determine was frameworks the bank would have to implement in order to offer such products.
In August, an update on Tyrer’s LinkedIn page detailed that he was hired to create a business strategy for a virtual assets trading desk and help implement it into the bank’s systems. A spokesman from Barclays denied the statement, leading Tyrer’s to delete the statement drom his page.
Barclays recently made an application to patent their own blockchain network aiming to assist banks and other financial institutions to develop digital currencies backed with fiat.
According to reports, Goldman Sachs stopped their plans to create a crypto trading desk too, however they are continuing to pursue crypto products for clients,
It is yet to be reported why Barclays decided to stop its crypto project, although many believe it is due to the current declining market, which started at the beginning of the year.