{"id":353925,"date":"2018-10-15T18:00:38","date_gmt":"2018-10-15T18:00:38","guid":{"rendered":"https:\/\/uniquehot.com\/?p=353925"},"modified":"2019-03-11T20:53:51","modified_gmt":"2019-03-11T20:53:51","slug":"barclays-crypto-trading-desk-put-on-ice-as-competition-heats-up","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/barclays-crypto-trading-desk-put-on-ice-as-competition-heats-up\/","title":{"rendered":"Barclays\u2019 Crypto Trading Desk Put \u2018on Ice\u2019 as Competition Heats Up"},"content":{"rendered":"

Barclays has reportedly put plans for a cryptocurrency trading platform on pause, according to sources familiar with the matter.<\/span><\/p>\n

Barclays Puts Crypto Trading Project on Hold<\/span><\/h2>\n

U.K.-based multinational bank and financial services company Barclays is said to have frozen a project that would see the firm launching a cryptocurrency trading desk, two sources “familiar with the situation”\u00a0claimed<\/span><\/a>.<\/span><\/p>\n

The “digital assets project” was being led by<\/span><\/a> Barclays former global head of commodities Chris Tyrer, alongside head of forex and emerging markets macro strategy, Marvin Barth, technology officer Lee Braine, and digital assets consultant Matthieu Jobbe Duval. The decision to axe the project reportedly prompted Tyrer to exit his post leading the project in September.\u00a0<\/span><\/p>\n

The quartet had been researching cryptocurrencies viability as an asset Barclays\u2019 customers might be interested in, and to better understand what operational infrastructure would be required to support the effort. <\/span><\/p>\n

However, it appears that the research either discovered a number of challenges Barclays wasn\u2019t prepared to face, or found a distinct lack of interest from customers willing to explore the emerging asset class as an investment vehicle.<\/span><\/p>\n

No specific reason was given for the decision, only that the project was put “on ice.” 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<\/a>. <\/span><\/p>\n

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. Staley worried that cryptocurrencies could be “used for activities that the bank wants to have no part of.”<\/span><\/p>\n

Barclays was rumored<\/span><\/a> to be investigating a cryptocurrency trading desk back in April of this year, in partnership with Goldman Sachs. The buzz surrounding the rumor picked up steam when Barclays created its Digital Asset Team in August.<\/span><\/p>\n

Competition in Crypto Space Begins to Heat Up<\/h2>\n

Barclays\u2019 potential partner on the project, Goldman Sachs, is also rumored to be working on its own cryptocurrency trading desk. Like Barclays it too has pivoted back and forth between supporting and denying the existence of such a trading desk.<\/span><\/p>\n

Last month, rumors emerged from anonymous sources claiming that the major U.S. finance firm was ditching plans for a cryptocurrency trading desk. Yet, Goldman\u2019s chief financial officer Marty Chavez called the report “fake\u00a0news<\/a>.”<\/span><\/p>\n

Traditional finance firms like Goldman Sachs, Barclays, JPMorgan, and others, are in a race to open the first cryptocurrency trading desk geared toward institutional investors.\u00a0<\/span><\/p>\n

Competition in the space is beginning to heat up, with New York Stock Exchange parent company Intercontinental Exchange set to take the first step by offering physically delivered Bitcoin futures\u00a0via its Bakkt platform this coming November.<\/span><\/p>\n

Featured image from Shutterstock.<\/p>\n","protected":false},"excerpt":{"rendered":"

Barclays has reportedly put plans for a cryptocurrency trading platform on pause, according to sources familiar with the matter. Barclays Puts Crypto Trading Project on Hold U.K.-based multinational bank and financial services company Barclays is said to have frozen a project that would see the firm launching a cryptocurrency trading desk, two sources “familiar with the situation”\u00a0claimed. The “digital assets project” was being led by Barclays former global head of commodities Chris Tyrer, alongside head of forex and emerging markets macro strategy, Marvin Barth, technology officer Lee Braine, and digital assets consultant Matthieu Jobbe Duval. The decision to axe the project reportedly prompted Tyrer to exit his post leading the project in September.\u00a0 The quartet had been researching cryptocurrencies viability as an asset Barclays\u2019 customers might be interested in, and to better understand what operational infrastructure would be required to support the effort. However, it appears that the research either discovered a number of challenges Barclays wasn\u2019t prepared to face, or found a distinct lack of interest from customers willing to explore the emerging asset class as an investment vehicle. No specific reason was given for the decision, only that the project was put “on ice.” 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. 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. Staley worried that cryptocurrencies could be “used for activities that the bank wants to have no part of.” Barclays was rumored to be investigating a cryptocurrency trading desk back in April of this year, in partnership with Goldman Sachs. The buzz surrounding the rumor picked up steam when Barclays created its Digital Asset Team in August. Competition in Crypto Space Begins to Heat Up Barclays\u2019 potential partner on the project, Goldman Sachs, is also rumored to be working on its own cryptocurrency trading desk. Like Barclays it too has pivoted back and forth between supporting and denying the existence of such a trading desk. Last month, rumors emerged from anonymous sources claiming that the major U.S. finance firm was ditching plans for a cryptocurrency trading desk. Yet, Goldman\u2019s chief financial officer Marty Chavez called the report “fake\u00a0news.” Traditional finance firms like Goldman Sachs, Barclays, JPMorgan, and others, are in a race to open the first cryptocurrency trading desk geared toward institutional investors.\u00a0 Competition in the space is beginning to heat up, with New York Stock Exchange parent company Intercontinental Exchange set to take the first step by offering physically delivered Bitcoin futures\u00a0via its Bakkt platform this coming November. Featured image from Shutterstock.<\/p>\n","protected":false},"author":517,"featured_media":342840,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12436,5651,3],"tags":[329,428,15803,2212,15804],"class_list":["post-353925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ai-and-tech","category-bitcoin","category-news","tag-barclays","tag-bitcoin","tag-chris-tyrer","tag-goldman-sachs","tag-jes-staley"],"acf":[],"yoast_head":"\nBarclays\u2019 Crypto Trading Desk Put \u2018on Ice\u2019 as Competition Heats Up<\/title>\n<meta name=\"description\" content=\"Barclays has reportedly put plans for a cryptocurrency trading desk on pause, according to sources familiar with the matter.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/uniquehot.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Barclays\u2019 Crypto Trading Desk Put \u2018on Ice\u2019 as Competition Heats Up","url":"http:\/\/uniquehot.com\/news\/barclays-crypto-trading-desk-put-on-ice-as-competition-heats-up\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/barclays-crypto-trading-desk-put-on-ice-as-competition-heats-up\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2018\/08\/Barclays-Crypto-Trading.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2018\/08\/Barclays-Crypto-Trading.jpg?fit=1000%2C710"},"articleSection":"AI and Tech","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["barclays","bitcoin","chris tyrer","goldman sachs","jes staley"],"dateCreated":"2018-10-15T18:00:38Z","datePublished":"2018-10-15T18:00:38Z","dateModified":"2019-03-11T20:53:51Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Barclays\\u2019 Crypto Trading Desk Put \\u2018on Ice\\u2019 as Competition Heats Up\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/barclays-crypto-trading-desk-put-on-ice-as-competition-heats-up\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/barclays-crypto-trading-desk-put-on-ice-as-competition-heats-up\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2018\\\/08\\\/Barclays-Crypto-Trading.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2018\\\/08\\\/Barclays-Crypto-Trading.jpg?fit=1000%2C710\"},\"articleSection\":\"AI and Tech\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"barclays\",\"bitcoin\",\"chris tyrer\",\"goldman sachs\",\"jes staley\"],\"dateCreated\":\"2018-10-15T18:00:38Z\",\"datePublished\":\"2018-10-15T18:00:38Z\",\"dateModified\":\"2019-03-11T20:53:51Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2018\/08\/Barclays-Crypto-Trading.jpg?fit=1000%2C710","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/353925"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=353925"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/353925\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/342840"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=353925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=353925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=353925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}