Barclays formed a team of top managers to study cryptocurrency trading

Barclays formed a team of top managers to study cryptocurrency trading

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British investment bank Barclays returned to the issue of cryptocurrency, after its CEO denied the information about the preparations for the launch of a specialized unit to trade them.

In May 2018, Jes Staley told the shareholders of the bank that he maintains a skeptical attitude towards cryptocurrencies because of the problems of their regulation. According to a new publication Financial News, the bank can still launch its own “project in the field of digital assets.”

To study this issue, a high-level team was already assembled, chaired by the former head of energy trading Chris Tyrer. It also includes Marvin Barth, in charge of the macro strategy in the emerging markets and foreign exchange markets, and the blockchain expert Lee Brain, who is one of the leaders of the bank’s technology department.

“Startups in the blockchain space obviously have incredible capabilities. In the context of investment banking, blockchain solutions, such as distributed registries and smart contracts, should be oriented toward non-functional requirements of an enterprise-level architecture,” Brain said in a recent interview.

As Barron’s notes with reference to sources, despite the skeptical comments of CEO Barclays, the project participants are confident that in the long term, cryptocurrencies can become a full-fledged asset class, and they continue to explore opportunities for gaining profit in this market, the interest of customers and their potential impact on IT- structure of the bank.

Last month it became known that Barclays filed two patent applications for blockchain-technology, designed to optimize the procedures of customer identification and bank transfers.

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