One of the largest UK bank Barclays has suspended work on its own crypto-trading project, Financial News reports citing two sources familiar with the situation.
Earlier this year, the bank gathered a high profile team to explore opportunities for cryptocurrency trading as part of its own business. However, according to one source, the initiative was “frozen”.
The former head of Barclays for energy trading, Chris Tyrer, who headed the “digital assets project,” left the bank in September after management decided to freeze the initiative.
Together with Tyrer, the macro-strategy in the field of foreign exchange and emerging markets was Marvin Barth, Senior Technical Specialist Lee Brain, and Consultant Matthew Jobb Duval.
Their task was to determine whether cryptocurrencies are an asset class with far-reaching prospects, whether Barclays customers are interested in them and what type of IT infrastructure will be needed to work with them, the source said.