Barclays Plans to Launch Crypto-Specific Trading Desk

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Second-largest bank in the U.K. in the making of a cryptocurrency Trading Desk

Barclays, the second-largest bank in the U.K. based on its assets is working towards the launch of a cryptocurrency trading desk.

A person aware of this process said that Barclays is determining how the trading desk specific to crypto would interest the users. Bloomberg announced that Barclays is communicating with clients about a cryptocurrency service.

The bank, however, doesn’t have any detailed plans to begin trading cryptocurrencies, the person said, adding that the majority of – if not all – primary banks are likely to be exploring that option. The person also said that Barclays is pondering whether to extend the trade offers to its whole suite of clients, including institutions and hedge funds.

While commenting, Barclays spokesman Andrew Smith said:

“Barclays has no plans at this time to build a cryptocurrency trading desk. 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 going forward.”

There are other banks also who been weighing a similar launch, most distinctly Goldman Sachs, which was the subject most talked about back in December. Weeks later, CEO Lloyd Blankfein brushed out the rumor, though he left it open to the crypto-focused trading desk during remarks in January.

Hedge funds are increasingly occupied in trading cryptocurrencies, rendering a growing client base for investments banks carrying out cryptocurrency trading.

Around 245 crypto-focused funds are presently operating, according to data provided by Autonomous Research. Despite an extreme drawdown in cryptocurrency prices, only around nine of these funds have reportedly closed in 2018.

Nishanth Shetty

Nishanth Shetty is a technical writer, author and a crypto-advisor working at Cryptofame. Based in the city of dreams, Mumbai, on the west coast of India. He holds a bachelors degrees from Mangalore University. Nishanth has a myriad experience of technical writings for tech brands. His interests include technology, travel, and food.