Barclays testing the waters for Cryptocurrecy trading desk
Barclays, the British banking giant is considering to launch a virtual digital money trading desk very soon. But they are not very sure of the demand and the traffic they get from their clients. Hence, they are trying to analyze the current scenario to observe if there is enough demand from their clients including hedge funds, big investors. If every factor favors the situation then Barclays would become the first bank in the UK to offer cryptocurrency trading desk service.
They might join Goldman Sachs Group Inc. in leading a new business on the wall street, according to the sources.
Even though they have plans to launch very soon, the information is not publicized. They have analyzed the present scenario and has done a preliminary assessment of the feasibility and demand of the clients and consumers. But the bank clarified that they have no definite plans to initiate such a project.
spokesman Andrew Smith said in an emailed statement. “We constantly monitor developments in the digital currency space and will continue to have a dialog with our clients on their needs and intentions in this market,”
Tim Throsby, investment bank boss should approve this proposal of the crypto trading desk. Also, Chief Executive Officer Jes Staley must approve the novelty of asset class, risk and compliance requirements, according to the people with knowledge about this area. Barclays is the first investment bank to initiate a cryptocurrency trading desk proposal in whole of the Europe.
Staley’s main strategy was to revive earnings, by building up Barclay’s investment bank as the centerpiece. This proposal if laid successfully will change the economy of London’s Cryptocurrency trading market.