Barclays Sets Up Digital Asset Team to Explore Crypto Trading

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Barclays Sets Up Digital Asset Team to Explore Crypto Trading

Post by howlermunkey » Mon Aug 06, 2018 8:17 pm

Barclays Appoints Chris Tyrer to Lead Digital Assets Project
A few months ago, Jes Staley, Barclays CEO, ruled out launching their own virtual currency trading desk. However, the bank has reportedly created a “digital assets project” in which it will be figuring out how to approach the fast-growing market.

Barclays, one of the world’s largest banks with nearly 120,000 employees across the globe and reporting over £21,000 billion in revenue, has remained on the sidelines when it comes to the trading of digital assets. Goldman Sachs was one of the first large institutional players making a move by using its own money to trade with clients in a number of contracts. The decision saw other financial institutions making the move to launch cryptocurrency trading desks, but Barclays kept its cool.

In May 2018, Staley, told a shareholder that he remained skeptical of the technology because of compliance and regulatory issues, but that the bank was exploring the subject of cryptocurrencies. Now, it’s reported that instead of launching a virtual currency trading desk, the bank exploring how it can start trading digital currencies, reports the Financial News. The “digital assets project” will be run by Chris Tyrer, former global head of energy trading. ... o-trading/

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