UK bank Barclays puts cryptocurrency trading project on hold

Barclays, a major investment bank in the UK has put a cryptocurrency trading project on hold, according to two unnamed persons as reported by Financial News, London. Earlier this year, Barclays opted a senior team to see if they could integrate the trading of cryptocurrencies into its market business. However, the initiative has been put “on ice”, said one of the two persons. The bank’s ex-head of energy trading, Chris Tyrer, was appointed as the leader of this “digital assets project” earlier this year but he quit the bank in September after the decision to suspend the project was taken. According to the report, there was no comment made by both Barclays and Tyrer regarding this. The team consisted of Marvin Barth, Lee Braine, and Matthieu Jobbe Duval alongside Chris Tyrer. Marvin Brath is the head of FX and emerging markets macro strategy. Lee Braine is a senior technologist. Matthieu Jobbe Duval is a consultant at the venture. According to the unknown sources, the team was exploring if cryptocurrencies would be a feasible long-term project or not. They were also trying to find out if the bank’s clients would opt for investing or trading in cryptocurrencies During the bank’s annual general meeting in May, Jes Staley, CEO, Barclays said that Barclays is aware and cautious of the regulations behind crypto assets. “There is the possibility of cryptocurrencies being used for activities that the bank wants to have no part of,” said Staley. According to the news report, many Barclays' rivals will be rejoicing after the decision to shelve the project was taken by the company as all these rivals are looking into ways to gain from the explosion of interest in cryptocurrencies. Goldman Sachs and JP Morgan have also shown interest in cryptocurrencies. See Also: Barclays files Patent for crypto transfer and blockchain data storage Barclays testing the waters for Cryptocurrency trading desk Image via Shutterstock Join our Telegram group