Barclays Is Speaking to Shoppers About Opening a Crypto Buying and selling Desk

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Barclays, the second-largest financial institution within the U.Okay. by belongings, is weighing the launch of a cryptocurrency buying and selling desk.

An individual with information of the method instructed CoinDesk on Monday that the financial institution is gauging how purchasers of the financial institution can be in a crypto-specific buying and selling desk. Bloomberg was the primary to report that Barclays is speaking to purchasers a couple of cryptocurrency service.

Because it stands, the financial institution does not have any concrete plans to start buying and selling cryptocurrencies, the particular person stated, including that almost all of – if not all – main banks are prone to be exploring that choice. The particular person added that Barclays is contemplating whether or not to increase the commerce providing to its complete suite of purchasers, together with establishments and hedge funds.

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When reached for remark, Barclays spokesman Andrew Smith instructed CoinDesk:

“Barclays has no plans at the moment to construct a cryptocurrency buying and selling desk. We continually monitor developments within the digital forex area and can proceed to have a dialog with our purchasers on their wants and intentions on this market going ahead.”

Different banks have reportedly been weighing an identical launch, most notably Goldman Sachs, which was the topic of hypothesis again in December. But weeks later, CEO Lloyd Blankfein shot down the rumor, although he left the door open to opening a crypto-focused buying and selling desk throughout remarks in January.

Hedge funds are more and more inquisitive about buying and selling cryptocurrencies, offering a rising shopper base for investments banks finishing up cryptocurrency buying and selling.

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Round 245 crypto-focused funds are at the moment working, based on information supplied by Autonomous Analysis. Regardless of an intense drawdown in cryptocurrency costs, solely round 9 of those funds have reportedly closed in 2018.

Barclays picture by way of Shutterstock.

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