Many may remember the hype surrounding Barclays earlier this year, when the firm announced its decision to partner with Goldman Sachs in an effort to introduce its very own cryptocurrency trading desk.
However, it now appears as though those plans have been “put on halt” temporarily, primarily because of Chris Tyrer’s premature exit from the firm. For those unaware of Tyrer’ role within the organization, he was the person responsible for heading most of Barclays’s core crypto oriented projects. As a result of his hasty departure, Barclays has been forced to shelve its upcoming ‘digital assets venture’.
More on Barclay's Crypto Trading
It was being reported a couple of months back that Tyrer along with some other key employees had been assigned the task of “producing a business plan that would look to integrate a digital assets trading desk into Barclays’ marketing business.”
Staffers including Marvin Barth, Lee Braine and Matthieu Jobbe Duval were given the task of looking at a long-term feasibility plan that would assess whether Barclay’s core clientele really had an appetite for crypto assets or not.
In an email to their customers earlier this year, a representative for Barclay’s wrote:
“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.”
Similarly, at an annual bank meeting in May, Barclays CEO Jes Staley noted:
“There is the possibility of cryptocurrencies being used for activities that the bank wants to have no part of.”
Final Take
With Barclays temporarily shelving its crypto project, now seems to be a good time for other banks and financial institutions to step in and explore this nascent terrain (giving adage to the old saying ‘strike while the iron is hot’)
Lastly, it is also worth noting that when asked for a comment regarding Goldman Sachs’ future plans, a representative for the firm mentioned that any rumours related to the firm shutting down its crypto related projects are “false” and should not to be taken seriously.
