After Denying Crypto Space Activity in 2018, Barclays Continues Crypto Trading and Custody Pursuit
The crypto ecosystem continues to be a point of interest for a growing number of banks. The appeal of offering a crypto asset brings two separate sectors of the financial industry together, and this innovation is just the start. One name that seems to be playing a mind game with the public is Barclays, a name that “we’ve attempted to ignore for nearly a month,” as Abacus Journal writes on the subject. Last year, all the crypto has heard from the current CEO is that they will not be moving in on cryptocurrency, but that has not proven to be the entire truth. In fact, the publication subjects that both “exploration and progress” has been ongoing.
European banks, especially Barclays, have been some of the most concerned financial institutions in cryptocurrency, worried for the industries’ ability to essentially replace their goods and services. Considering the low revenue and profits of banks like Barclays, Santander, and even Deutsche Bank have been, even Binance has been able to pass their quarterly revenue, and it is only a few years old.
Barclays has seen what Goldman Sachs is doing in the crypto space, and how they are about to shake up both the traditional finance and crypto industries. However, it looks like the main interest that Barclays has is getting a piece of the profits, which means they need new sources to get them from. Even since Barclays has been denying the discussions, they have been examining crypto hedge funds to see if they would serve the necessary purpose.
Abacus Journal referenced a “hedge fund contact” that they have on the western side of the country, who said that they have heard from Barclays no less than three separate times this year. Much like other initiatives from institutions, the increase in communication is usually a sign of framework evolving for the cryptocurrency. The contact stated that they believe that there are at least 10 people working on the efforts at Barclays, but that they probably won’t be “first to market with anything.” Still, the interest is a sign that they may at least join the efforts that other banks have taken before them.