News

Barclays Cryptocurrency Trading Initiative Put On hold?

One of the major player in the investment banking sector Barclays has put its cryptocurrency trading Initiative on hold. As reported by Financial News London, citing two people conversant with the matter, it seems as though the London-based multinational investment bank might have put an end to its virtual currency trading initiative, or at the very least; put it on hold.
As reported earlier in the year, the bank had constituted a senior team of experts in the sector to consider the possibility of integrating cryptocurrencies into the existing markets businesses. Chris Tyrer – the bank’s former head of energy trading, Marvin Barth, head of emerging markets macro strategy and FX, Lee Braine, a senior technologist, and consultant Matthieu Jobbe Duval were the members of this team.
Fast forward to August, Barclays was already chasing its dream, as it took part by experimenting with an app store trial for programs alongside other financial institutions. These apps were fully developed using the DLT (Distributed Ledger System) or blockchain which is the bedrock technology of Bitcoin as well as other digital tokens.

Once Beating Twice Shy

Earlier in 2018, there was a similar report which announced that Goldman Sachs had backed down on its plan to dedicate a trading desk to Bitcoin. Almost concurrently, Bitcoin and Ethereum were experiencing a notable setback with Ethereum (ETH) $207.513 +0.64% losing 12 percent of its value in less than one hour. The report was immediately regarded as false by Goldman Sachs’ CFO, describing it has “fake news” he said:

 “I never thought I would hear myself use this term but I really have to describe that news as fake news.”

This report still remains unconfirmed and to avoid the “Goldman Sachs fake news scenario” repeating itself, the authenticity of this report would have to be confirmed or denied by Barclays executives, but at this point, it is still a speculation that the multinational investment bank might have shelved it cryptocurrency trading initiative.