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UK Barclays Possibly Plotting Foray into Crypto Trading - Report

August 07, 2018 09:38:20

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UK banking giant Barclays is reportedly looking to tap into the fast-growing cryptocurrency sector. Two employees of the lender have been working on the project, Business Insider revealed on Monday, pointing to their LinkedIn profiles.

Chris Tyrer, former head of energy trading at Barclays, now lists his occupation as “Head of Digital Assets Project: Barclays Investment Bank”. Meanwhile, Matthieu Jobbe Duval, the ex-director of oil options trading at the company, now describes his position as “Digital Assets trading – Consultant at Barclays”. He further mentioned in his LinkedIn profile that the bank had:

“Hired him to produce a business plan for integrating a digital assets trading desk into [the bank’s] markets business revenue opportunity, competitive landscape, budgeting and planning for delivery, I.T. buildout, capital & balance sheet impact.”

Duval reportedly confirmed to Business Insider that the information was accurate, but refused to elaborate and removed the details about his current situation from his LinkedIn page. Tyrer declined to comment, but has not changed his profile on the professional network site.

Contacted by the news outlet, a Barclays representative said it was not planning to provide crypto trading services or working on any such digital assets project.

Back in April, Bloomberg reported that Barclays was assessing the demand and feasibility of a crypto trading desk. CEO Jes Staley denied the rumors, however, saying that the bank had no concrete plans to start trading cryptocurrencies but constantly monitored developments in the space.

Other major banks are also considering or already jumping on the cryptocurrency bandwagon. Goldman Sachs revealed in December 2017 that it was planning to launch a digital currency trading desk. According to recent media reports, the lender is also weighing a custody service for digital coin-based funds.

Peer JP Morgan also appears to be changing its mind regarding virtual currencies after CEO Jamie Dimon had previously slammed Bitcoin (BTC). In recent months, the US bank has been building up a crypto-assets strategy team

Category: News

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