Barclays CEO Pushes Back Against Reported Plan To Start Crypto Trading Desk

May 2, 2018 4:57 pm Published by

UK banking giant Barclays has no immediate plans to launch a crypto trading desk, CEO Jes Staley said Tuesday, CoinDesk reported.

UK media outlet Financial News reported Staley made the comments in response to shareholders’ questions during the bank’s annual meeting, the report said.

In his remarks, Staley said the bank has no plan to set up a crypto trading desk following rumors about a possible move into the market, saying cryptocurrency represents “a real challenge for us” at present, CoinDesk reported.

Earlier this month, reports indicated Barclays was gauging interest from its clients regarding launching a crypto-specific trading service, the report said.

At that time a bank spokesman said the bank might not move ahead with the launch, the report said. However, Staley’s remarks signal the bank has formally ruled out the possibility – at least not for now.

With that in mind, Staley admitted the bank is exploring crypto-related businesses with those regulatory issues in mind, CoinDesk reported.

The U.K.-based bank reportedly has perhaps become one of the biggest supporters for making blockchain a reality in the derivatives space, the report said., Jack Durschlag

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