Goldman Sachs and Barclays Bank Have Secret Crypto Trading Desk Plans
- Multiple sources report that the firms are investigating cryptocurrency, but both deny any concrete plans.
Inundated
Sources from investment bank Goldman Sachs have told Bloomberg that the firm is considering a custodial service for cryptocurrency investment funds. In response to a request for comment, a spokesman told Bloomberg: “At this point we have not reached a conclusion on the scope of our digital asset offering.”
Rana Yared, managing director of the company's securities division, said in May that the firm was being "inundated" with requests for cryptocurrency services.
That same month, the firm hired someone to the new role of 'Head of Digital Asset Markets' and announced that it would be trading "contracts linked to the price of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term" with its own money while seeking regulatory approval to trade Bitcoin itself.
The company remains undecided, however. Speaking to Bloomberg, the spokesman made it clear that no timeline has been set for any new service.
Move along, no digital assets trading desk to see here
Two employees of Barclays Bank have been working on a cryptocurrency project for their employer, according to Business Insider. The information was published on their Linkedin profiles, but a Barclays spokesman denied that the bank has any plans to launch a cryptocurrency trading desk
Chris Tyrer, who was the bank's global head of energy trading, now lists his occupation as "Head of Digital Assets Project: Barclays Investment Bank". According to his profile, he has been in that role for eight months.
Matthieu Jobbe Duval, who worked for the bank as an oil options trader, now lists his occupation as "Digital Assets trading - Consultant at Barclays".
He posted that he had been hired as a consultant "to produce a business plan for integrating a digital assets trading desk into Barclays' markets business: revenue opportunity, competitive landscape, budgeting and planning for delivery, I.T. buildout, capital & balance sheet impact."
Duval confirmed to Business Insider that the information was accurate, but then removed it from his profile.
No smoke without fire
A news outlet called The ICO Journal reported in March that the bank was planning to open a cryptocurrency trading desk, citing two anonymous sources with knowledge of the matter. Then in April, anonymous sources told Bloomberg that the bank had performed an assessment of client interest in the field. In response to the report, a Barclays spokesman reiterated that the bank is not planning anything concrete.
Cloaks and daggers aside, Barclays did accept Coinbase as a customer in April, becoming the first British bank to provide a bank account to a cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term.
Why the secrecy?
Financial institutions announcing some kind of new cryptocurrency service is becoming increasingly common, so the prevaricating of these two firms already seems a little odd.
To name a few very recent examples: Intercontinental Exchange has opened an exchange for Bitcoin futures, the London Stock Exchange has listed a cryptocurrency company for an IPO, and Nasdaq is now allowing one of its listed companies to accept cryptocurrency in its own IPO.
Inundated
Sources from investment bank Goldman Sachs have told Bloomberg that the firm is considering a custodial service for cryptocurrency investment funds. In response to a request for comment, a spokesman told Bloomberg: “At this point we have not reached a conclusion on the scope of our digital asset offering.”
Rana Yared, managing director of the company's securities division, said in May that the firm was being "inundated" with requests for cryptocurrency services.
That same month, the firm hired someone to the new role of 'Head of Digital Asset Markets' and announced that it would be trading "contracts linked to the price of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term" with its own money while seeking regulatory approval to trade Bitcoin itself.
The company remains undecided, however. Speaking to Bloomberg, the spokesman made it clear that no timeline has been set for any new service.
Move along, no digital assets trading desk to see here
Two employees of Barclays Bank have been working on a cryptocurrency project for their employer, according to Business Insider. The information was published on their Linkedin profiles, but a Barclays spokesman denied that the bank has any plans to launch a cryptocurrency trading desk
Chris Tyrer, who was the bank's global head of energy trading, now lists his occupation as "Head of Digital Assets Project: Barclays Investment Bank". According to his profile, he has been in that role for eight months.
Matthieu Jobbe Duval, who worked for the bank as an oil options trader, now lists his occupation as "Digital Assets trading - Consultant at Barclays".
He posted that he had been hired as a consultant "to produce a business plan for integrating a digital assets trading desk into Barclays' markets business: revenue opportunity, competitive landscape, budgeting and planning for delivery, I.T. buildout, capital & balance sheet impact."
Duval confirmed to Business Insider that the information was accurate, but then removed it from his profile.
No smoke without fire
A news outlet called The ICO Journal reported in March that the bank was planning to open a cryptocurrency trading desk, citing two anonymous sources with knowledge of the matter. Then in April, anonymous sources told Bloomberg that the bank had performed an assessment of client interest in the field. In response to the report, a Barclays spokesman reiterated that the bank is not planning anything concrete.
Cloaks and daggers aside, Barclays did accept Coinbase as a customer in April, becoming the first British bank to provide a bank account to a cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term.
Why the secrecy?
Financial institutions announcing some kind of new cryptocurrency service is becoming increasingly common, so the prevaricating of these two firms already seems a little odd.
To name a few very recent examples: Intercontinental Exchange has opened an exchange for Bitcoin futures, the London Stock Exchange has listed a cryptocurrency company for an IPO, and Nasdaq is now allowing one of its listed companies to accept cryptocurrency in its own IPO.