take many steps before a regulated bank could trade digital assets, most of them outside Goldman Sachs' control, sources reportedly reveal. It initially appeared that Barclays had appointed one of their traders, Chris Tyrer, to lead the banks digital asset project, which entailed figuring out how the bank can best approach the rapidly expanding cryptocurrency markets. Chavez suggested that the excitement over a potential trading desk may have been premature. The quartet had been researching cryptocurrencies viability as an asset Barclays customers might be interested in, and to better understand what operational infrastructure would be required to support the effort. The reports also claimed that Barclays could be potentially partnering with Goldman Sachs, who is already beginning to enter the cryptocurrency markets. The price of Bitcoin and other digital currencies plummeted following the news about Goldman Sachs cancelling plans for a trading desk, with total market cap dropping by 12 billion in an hour. JPMorgan Chase also has developed a team of analysts to research blockchain and cryptocurrency, but they have not yet made any direct moves into the industry. All of the top 100 coins experienced losses over the last 24 hours. In recent weeks, as cryptocurrencies continue to experience declining prices, a general lack of interest from institutional investors has caused other cryptocurrency products to be folded. Barclays Is Reportedly Not Opening a Crypto Trading Desk was last modified: August 7th, 2018 by Cole Petersen.
A Barclays spokesperson told Business Insider that the bank had no plans to launch a crypto trading desk, but did confirm that the two traders had worked at the bank. However, a Barclays spokesperson refuted these rumors in late April. The decision to axe the project reportedly prompted Tyrer to exit his post leading the project in September. Cboe and, cME, Chavez said there needs to be a reliable custody solution before the bank can proceed with physical. Featured image from Shutterstock. Staley worried that cryptocurrencies could be used for activities that the bank wants to have no part. At this point, we have not reached a conclusion on the scope of our digital asset offering, Goldman Sachs spokesperson Michael DuVally told, reuters. Prior to these revelations, Jes Staley, Barclayss CEO, had ruled out launching a crypto trading desk, expressing to shareholders in May that he feels skeptical about the technologies due to compliance and regulatory issues, saying: Cryptocurrency is a real challenge for us because, on the. However, past comments from Barclays chief executive officer Jes Staley could shed some light as to why Barclays got cold feet with a crypto trading desk. EU Data Subject Requests. Buildout, capital balance sheet impact.
Ubs fx trading platform, Forex trading in guntur, Twitter users for cryptocurrency trade, How to choose cryptocurrency for trading in india,