Former Barclays Traders Say Crypto Trading Desk Business Plans Project is in the Works
A Barclays Digital Asset Project?
Barclays is perhaps one of the most well-known investment banks in the world and two of its former traders recently addressed the viability of a cryptocurrency trading desk for the bank. The traders, Matthieu Duval and Chris Tyrer focused on a “digital asset project” since the start of 2018, related to cryptocurrency.
Tyrer manages the digital asset project, while Duval provides consulting qualities. Duval’s LinkedIn profile describes that he had been:
“hired to produce a business plan for integrating a digital asset trading desk into Barclays’ market business: revenue opportunity, competitive landscape, budgeting and planning for delivery, I.T. buildout, capital & balance sheet impact.”
Although Business Insider reached out to Barclays for comment, Duval removed the listing from his LinkedIn profile and responded by stating that the details of the listing were “accurate” but nothing further. Tyrer declined to comment altogether.
As for Barclays, a spokesperson for the company stated that the bank was not planning to launch a crypto trading desk. Further, an article in April by Bloomberg stated that the bank discussed with clients their interest in trading in cryptocurrencies.
Accordingly, it seems that Barclays and its employees seem to be keeping the project very low-key. Other banks have also looked into the viability of cryptocurrency project. For instance, Goldman Sachs may be planning to establish a bitcoin trading desk, JPMorgan appointed a head of crypto-asset strategy, and Morgan Stanley hired a 12-year Credit Suisse veteran as head of its digital asset markets.
Cryptocurrency may be attracted to the asset class due to its impressive returns, even though its price performance has not been faring so well this year.