Barclays Explores Cryptocurrency Trading Interest From Crypto Trading Desk

Barclays Explores Cryptocurrency Trading Interest From Crypto Trading Desk

Cryptocurrency
April 19, 2018 by Bitzamp
2630
Barclays Explores Cryptocurrency Trading Interest From Crypto Trading Desk Barclays Plc has been assessing customer interest in the British bank from the cryptocurrency trading desk, potentially joining Goldman Sachs Group Inc. as a pioneer in a new business on Wall Street, according to people with knowledge of the subject. This is the first cryptocurrency trading
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Barclays Explores Cryptocurrency Trading Interest From Crypto Trading Desk
Barclays Plc has been assessing customer interest in the British bank from the cryptocurrency trading desk, potentially joining Goldman Sachs Group Inc. as a pioneer in a new business on Wall Street, according to people with knowledge of the subject.

This is the first cryptocurrency trading platform launched by a European investment bank. The bank is still considering extending commercial offers to its entire client pool, such as institutions and hedge funds.

The bank said Monday it currently has no concrete plans to start such an operation.

“We constantly monitor developments in the digital currency space and will continue to have a dialog with our clients on their needs and intentions in this market,” spokesman Andrew Smith said in an emailed statement.

Crypto activity from Barclays stands in direct contrast to the comments made by economists comparing the surge in Bitcoin value to an “infection”.

“We developed a theoretical model of an asset price with a pool of speculative investors and compared it with actual Bitcoin price behaviour to see what it might imply for future dynamics,” they said. “The model has clear parallels with compartmental models of the spread of an infectious disease in epidemiology.”

Another bank that has been noted to weigh a similar move is the Goldman Sachs. The bank’s launch of its trading desk was under speculation in December last year. However, the CEO Lloyd Blankfein disputed the rumor, but he left the door open for such a launch during his remarks in January this year.


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