London-based multinational funding financial institution agiant Barclays has reportedly halted work on its cryptocurrency buying and selling challenge.
Barclays Stops Cryptocurrency Buying and selling Mission
One of many main multinational funding banks Barclays has put its work on a cryptocurrency buying and selling challenge to an finish or “on ice,” Monetary Information London stories, citing two folks aware of the matter.
Earlier this 12 months, the financial institution had put collectively a senior staff of specialists to discover the way it might incorporate buying and selling of cryptocurrencies into its current markets companies. The staff consisted of Chris Tyrer – the financial institution’s former head of power buying and selling, Marvin Barth, head of rising markets macro technique and FX, Lee Braine, a senior technologist, and guide Matthieu Jobbe Duval.
In April, Bitcoinist reported that Barclays was contemplating a Bitcoin zerozero buying and selling desk.
Then in August, Barclays, amongst different banking giants, took half in an app retailer trial for applications, that are completely based mostly on distributed ledger know-how or blockchain, one of many key elements that make Bitcoin tick.
Historical past is Repeating Itself
Earlier this 12 months, unconfirmed stories very like the one from Monetary Information London, introduced that Goldman Sachs shelved its proposed plan to open a Bitcoin buying and selling desk. On the identical time, the value of Bitcoin (and different cryptocurrencies) skilled vital pullback as Ethereum (ETH) zerozero misplaced 12 p.c of its worth in underneath an hour.