It’s no news that banks around the World are keeping a close eye on the crypto market. We recently wrote about the Russian Gazprombank piloting cryptocurrency transactions in Switzerland. Multiple large financial organisations are entering the crypto sphere, hopefully giving it a boost soon.
And now an international investment bank Barclays is looking into opening a cryptocurrency trading desk. According to the sources, Barclays has already conducted a preliminary cline interest assessment. If enough clients are interested, Barclays may be the fist bank to truly enter the world of crypto.
Opening a crypto des would require approval from Barclay’s International President Tim Throsby and group chief executive Jes Staley. This is due to the “novelty of the asset class, risk and compliance requirements”.
“Commercial zeal” revival
Last year, Throsby said that Barclays wants to revive “commercial zeal” by authorising billions of dollars into higher-risk trading. With its current volatility Bitcoin could be exactly the type of investment they are looking for.
Andrew Smith, Barlcay’s spokesman, explained:
“We constantly monitor developments in the digital currency space and continue to have a dialog with our clients on their needs and intentions in this market.”
Some Wall Street firms already allow their clients to invest in Bitcoin futures contracts. And hedge funds dealing with cryptocurrencies could use a bank which would handle the transactions. Opening a crypto desk would be a pioneering move, that could meet those market demands. It would also be a big move towards crypto adoption by a traditional financial institution.
Do you think that traditional banks should enter crypto-shpere? Let us know in the comments below!