Barclays Suspends Plan Of Cryptocurrency Trading Desk

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Barclays Suspends Plan Of Cryptocurrency Trading Desk

British banking giant Barclays has announced its intention to launch a trading cryptocurrency platform, according to Financial News. The Bank has been exploring this idea reportedly in order to gauge interest in cryptocurrency trading among its clients such as hedge funds and institutional investors.

Barclays chief Executive officer Jes Staley said at his annual General meeting in May that ” Barclays remains wary of regulatory and compliance issues related to asset class.”

However, in early August, the Bank set up a group of four senior executives to find ways to start trading cryptocurrencies.

Recently, the largest investment banking Goldman Sachs also abandoned its plans to open a trading platform with cryptocurrency. It was in May that the New York Times reported on Goldman Sachs ‘ plans to create a bitcoin sale operation, which should be launched by the end of June, but its CEO Lloyd Blankfein refused to implement this plan.

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