Barclays Traders Reveal the Bank Could Be Building a Crypto Desk
Barclays (BCS), the British multinational investment bank and financial services company, is reportedly following other major financial institutions in building a cryptocurrency trading desk, as revealed by two traders at the bank.
According to a recent report by Business Insider, Barclays traders Matthieu Jobbe Duval and Chris Tyrer have been working on a “digital asset project” since January, as indicated by their LinkedIn profiles.
Duval said on his LinkedIn profile that he had been hired by Barclays to help develop the plans to integrate cryptocurrencies into the bank’s markets business.
[I was] hired to produce a business plan for integrating a digital assets trading desk into Barclays’ markets business: revenue opportunity, competitive landscape, budgeting and planning for delivery, I.T. buildout, capital & balance sheet impact.
Tyrer’s LinkedIn profile, which has since been adjusted, stated that he is currently the head of the digital assets project. Tyrer has not released any public statement since removing the information.
While a source familiar with the matter confirmed with Business Insider that the two traders have been looking into cryptocurrency, a Barclays spokesman followed up to state that the bank has no plans to launch a crypto trading desk at this time.
This news comes the same week that Goldman Sachs revealed that it is currently exploring a plan to offer custody services to cryptocurrency funds and institutional clients, which would enable the secure storage of digital assets.
More: Barclays traders say they’re building out a crypto desk— but the bank says it has nothing in the works
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.