Former Barclays traders say they're building a crypto trading desk, bank denies it

06 Aug, 2018
by Richard Allen
Former Barclays traders say they're building a crypto trading desk, bank denies it

It appears that two former traders at London-headquartered Barclays Bank are looking into the possibility of launching a cryptocurrency trading desk within the firm’s investment bank, Business Insider reports.

Matthieu Jobbe Duval, former director of oil options trading, and Chris Tyrer, former head of energy trading, have revealed via their LinkedIn profiles that they have been working on a “digital asset project” since the beginning of the year.

Tyrer is the head of the digital assets project, while Duval is a consultant on the project.

Duval said on his LinkedIn profile that he had been "hired 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."

However, after Business Insider approached the bank for comment, Duval had removed the listing from his profile. Duval maintained that the listing was accurate but declined to comment further.

A Barclays representative, however, confirmed that while both Duval and Tyrer had been employees of the bank, the financial institution had no plans to launch a cryptocurrency trading desk.

According to a Bloomberg article in April, Barclays had been asking clients whether they’d be interested in the launch of a cryptocurrency trading service.

Chepicap reports that Goldman Sachs has just announced their venture into the world of cryptocurrencies, and Morgan Stanley has recently hired a crypto banker to head their digital assets markets.

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