Barclays, the British banking giant, is weighing the launch of a cryptocurrency trading desk, following behind New York City-based investment giant Goldman Sachs Group Inc. While the big banks are usually very skeptical of displaying their public interest bitcoin, the effort by Barclays will help to gain a foothold in the Cryptocurrency ecosystem.
Although the bank says it still has no specific plans to launch a cryptocurrency trading desk, sources have revealed it has conducted a preliminary assessment of demand and feasibility. Barclays spokesman Andrew Smith told Bloomberg,
“Barclays has no plans at this time to build a cryptocurrency trading desk. 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 going forward.”
Barclays decide to open a trading desk for Bitcoin and other cryptocurrencies, both investment bank boss Tim Throsby and Chief Executive Officer Jes Staley would most likely have to sign off on the venture, according to sources close to the matter.
Earlier this month, analysts at Barclays likened Bitcoin to a viral disease that has now been treated. Economists at the bank explained,
“We developed a theoretical model of an asset price with a pool of speculative investors and compared it with actual bitcoin price behavior to see what it might imply for the future dynamics. […]
The model has clear parallels with compartmental models of the spread of an infectious disease in epidemiology.”
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