Barclays Plc has been reportedly digging out vital information, aiding to eventually land themselves in to establishing a trading desk. The bank, among the top four all over UK, has been keen in taking a step further towards materializing the advent of cryptocurrency as the utmost supplant of the solid, concrete money. Though the news has been nothing short of an outburst, selling like hot cakes, the bank is hesitant to announce the very feat they are supposedly pulling off.
Barclays Plc has been known to be an extraordinary example of its sort dealing in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services as Bloomberg states. The ‘Big Four’ of the UK has been a key factor in deciding economy of their region, the assumption that the cryptocurrency has matured out is still a peculiar one even when a bank of that magnitude has set sights over the crypto prize.
Analysts and news diggers were all over the social media in search for some solid and sound proofs to list the news authentic, which they were able to do. A LinkedIn profile had all the related information intact leaving many amazed, Chris Tyler, the lead hired to dig out information via surveys about the ratio of people that state the cryptocurrency incorporation a good omen, in order to get directed to the very way, designing a trading desk for virtual assets. Tyler’s profile had the exact words that,
..hired to produce a business plan for integrating a digital assets trading desk into Barclays’ marketing business.
Following the massive eruption of the rumour that has now being termed as a concrete news, the LinkedIn profile titled ‘Chris Tyler’ has pushed off all the information and the project details that were mentioned over there, with the profile owner confirming the news but adding more to the news. The additional heads up what we can provide the reader with is merely that Matthieu Jobb Duval, a former Barclays oil trader, has been listed as the consultant for establishing the entire crypto mechanism named to Barclays Plc.
People speculate that bank intends to initiate the latest breakthrough into the Wall Street by introducing a trading desk of their own as they potentially seek to shake hands with Goldman Sachs Group Inc. Amidst the flock that states facts setting right with the inference, the news has been nothing but bare truth, the bank itself has put the ‘rumours’ to rest stating that there have always been people working for them conducting surveys and assessing the monetary and financial charts to plan the future. Their denial to planning anything closer to cryptocurrency has been under a serious microscope as they have surely announced as the afore mentioned LinkedIn folks that have leaked the news out in the first place.
This is not the first time Barclays have stepped towards the cryptocurrency as the bank has reportedly strive to incorporate bitcoin in as CNBC puts it. The CEO of the bank, Ashok Vaswani has put words out in the open about the steaming collaboration of cryptocurrency mechanism and the bank to turn up anytime soon. The bank also measures fame lesser than user safety, the reason why the bank was in continuous talks with Financial Conduct Authority (FCA) watchdog to turn the virtual trading route as safe as possible. Vishok states,
We have been talking to a couple of fintechs and have actually gone with the fintechs to the FCA to talk about how we could bring, the equivalent of bitcoin, not necessarily bitcoin, but cryptocurrencies into play. Obviously (it’s) a new area, obviously an area we’ve got to be careful with. We are working our way through it.
Barclays cooperation with the application Circle has also opened a gate between the humongous industries and the local investors to deal in cryptocurrency. As CNBC states, the bank has admittedly been working over the blockchain technology which is still in its initial stages but there is still hope, a fine thread that attaches the big banks with turning towards virtual currencies.
(We’re) working on it, (it’s) not ready for prime time, we’ll get there soon.
The Bloomberg analysts state the announcement as a mere feat to garner some fame as they have been the very first European bank to initiate a trading desk like the sort we have mentioned.
As we delve into the world of virtuality, we ought to keep the bounds intact so that the real world would just not deteriorate in to thin air. The latest trend, that the inclusion of virtual currency is inevitable, would be an over statement as the platforms are certainly not secure enough not to pose any sort of monetary risk. The Barclays Plc has not been one of the major groups to be a strong supporter of bitcoins but the likes of ICE have turned out with the marketing platforms with the most recent product Bakkt.
Though there have been chances of great success as we delve into the era of cryptocurrency, the need of the hour is still to strengthen the already established mechanism as that can only excel the concept further.