Barclay UK’s second largest bank to begin cryptocurrency trading desk

As per reports, Barclays Plc, the second largest bank of U.K is begun to audit client interest in setting up a virtual currency trading firm. Barclays is holding high-level discussions about starting a dedicated cryptocurrency counter.

According to few sources these discussions are in a primary state. The bank is trying to predict the anticipation of such operation. It is finding whether there is proper client demand to indicate a full-featured trading counter.

Barclay’s speaker Andrew Smith asserted that “We constantly monitor developments in the digital currency space and will continue to have a dialog with our clients on their needs and intentions in this market.” Later he added that the bank doesn’t have any plans to open a cryptocurrency trading desk.

Goldman Sachs is fabricated to take steps which set up a cryptocurrency trading desk. It will begin flourishing the market by the edge of the second portion. Even Goldman CEO Lloyd Blankfein has denied this report.

Bank’s perspective

The bank has indirect ownership in a cryptocurrency trading desk through its investment in Circle. It manages over-the-counter (OTC) desk to maintain several billions of dollars in cryptocurrency trades per month. If the banks began making markets for cryptocurrency trades, it hedges funds and other investors can add their crypto assets to their portfolios.

Crypto experts have identified few issues as a primitive reason which institutions to hesitant and dally in digital currencies. The bank can solve the particular problems faced by their clients.

Previously, a group of Barclay’s analysts expressed a client note which took an extremely critical tone on Bitcoin. The team is initiated by Joseph Abate and argued the interest in Bitcoin that spreads like a fire. Many investors have benefitted or infected by this scheme. Few claims provide Bitcoin with a bearish outlook as there are probably sellers than expected purchasers.

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Image:- Barclay

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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