Barclays considering starting a cryptocurrency trading desk

dumiya

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Quote from: aso118 on April 17, 2018, 02:29:13 PM

Quote from: TheQuin on April 17, 2018, 03:05:53 AM

Another sign of mainstream financial interests moving into the cryptocurrency space.

https://www.bloomberg.com/news/articles/2018-04-16/barclays-is-said-to-be-sounding-out-clients-about-trading-crypto

Quote

Barclays Plc has been gauging clients’ interest in the British bank starting a cryptocurrency trading desk, potentially joining Goldman Sachs Group Inc. in pioneering a new business on Wall Street, according to people with knowledge of the matter.

The CME and CBoE futures markets were only the start which allows major institutions to hedge their positions. I really see this opening up a path to a major inflow of fresh money.

We had similar rumours about Goldman Sachs starting a cryptocurrency desk, but that went nowhere. Established banks have a huge reputation risk associated with cryptocurrency desks. Would you trust someone with your money if they lost a huge amount of money in crypto trading? Regulators won't look too kindly at such businesses as well.

It seems that the rumor about Goldman Sachs is not a rumor anymore. However, they will trade bitcoin futures and other derivatives first. Actual bitcoin trading will be there later. They will become the first Wall Street bank to open a cryptocurrency trading desk.

http://fortune.com/2018/05/02/goldman-sachs-cryptocurrency-trading-desk/

livingfree

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Quote from: tomahawk9 on April 17, 2018, 08:46:01 AM

First, the Barclays experts compare Bitcoin with a disease, now they want to start a crypto trading desk?

This didn't only happened to them, there are other economists, banksters that gave their doubt and ideas that's against to bitcoin before.

Quote from: tora on April 17, 2018, 12:42:53 PM

When companies like Barclays enter into the cryptocurrency market then control of that market will move to the financial institutions and not individual investors.

The main thing here is the adoption will get wider and it will add more individual investors.

gentlemand

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Quote from: aso118 on April 17, 2018, 02:29:13 PM

We had similar rumours about Goldman Sachs starting a cryptocurrency desk, but that went nowhere. Established banks have a huge reputation risk associated with cryptocurrency desks. Would you trust someone with your money if they lost a huge amount of money in crypto trading? Regulators won't look too kindly at such businesses as well.

That's why they'll probably only permit accredited investors and VCs. They're professional losers of money. Have you checked how much many a hedge fund has set on fire? Losing vast amounts is par for the course.

And volatility is often actively sought. There are ETFs that were custom built to be as volatile as they could possibly make them.

aso118

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Quote from: TheQuin on April 17, 2018, 03:05:53 AM

Another sign of mainstream financial interests moving into the cryptocurrency space.

https://www.bloomberg.com/news/articles/2018-04-16/barclays-is-said-to-be-sounding-out-clients-about-trading-crypto

Quote

Barclays Plc has been gauging clients’ interest in the British bank starting a cryptocurrency trading desk, potentially joining Goldman Sachs Group Inc. in pioneering a new business on Wall Street, according to people with knowledge of the matter.

The CME and CBoE futures markets were only the start which allows major institutions to hedge their positions. I really see this opening up a path to a major inflow of fresh money.

We had similar rumours about Goldman Sachs starting a cryptocurrency desk, but that went nowhere. Established banks have a huge reputation risk associated with cryptocurrency desks. Would you trust someone with your money if they lost a huge amount of money in crypto trading? Regulators won't look too kindly at such businesses as well.

tora

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When companies like Barclays enter into the cryptocurrency market then control of that market will move to the financial institutions and not individual investors.

gentlemand

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The real litmus test regarding their commitment will be their upcoming banking partnership with Coinbase. That's the first time a major crypto business has been able to access the faster payments network in the UK.

If they dangle it for a short while and then pull it I wouldn't be too confident of any of their other plans in the future.

Coffee135

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On the one hand, this is good news. Than more large
institutions will support bitcoin the more users and money they will attract to the crypto economy. But this can lead to coordinated action on the part of speculators. They can make the market more volatile and 50% or more failures can become the norm.

tomahawk9

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Interesting. First, the Barclays experts compare Bitcoin with a disease, now they want to start a crypto trading desk? I suppose barclays has different departments each with different views and opinion towards Bitcoin.

This could be bullish news, but I'll wait a bit more before making any kind of assumptions (bull run related)

TheQuin

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Quote from: buwaytress on April 17, 2018, 08:14:14 AM

Curiously, the story that I just read on the same Barclays UK but the article specifically mentioned that Barclays' own announcement seemed to deliberately avoid any mention of cryptocurrency. In fact, it just skirted around the whole idea not even really committing to blockchain, just "disruptive technology".

The sound out could just be a safe "wait and see" move. Though if the bank wants to keep up with the Santanders, shouldn't be too long before they decide. There's enough ppl here complaining about UK banks slow to crypto up!

That's a classic Bloomberg "sources familiar with the matter". Someone high up at Barclays Capital has told them that is is being seriously considered and in response to the BBG story they put a statement out to dampen the speculation. Using phrases like "currently has no concrete plans to start such an operation". Which doesn't actually contradict the story.

Kingofbitcoin12345

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Well with this simultaneous positive news adaptation of mainstream companies I’m a little bit confused of why the market still have no significant increases.. I think the dissemination of appropriate information is still slow or it wasn’t reached mainstreamed as it is controlled for such reasons..

If the specific person that is conservative investors will be informed of 3 or more news like this will support market again..

buwaytress

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Curiously, the story that I just read on the same Barclays UK but the article specifically mentioned that Barclays' own announcement seemed to deliberately avoid any mention of cryptocurrency. In fact, it just skirted around the whole idea not even really committing to blockchain, just "disruptive technology".

The sound out could just be a safe "wait and see" move. Though if the bank wants to keep up with the Santanders, shouldn't be too long before they decide. There's enough ppl here complaining about UK banks slow to crypto up!

tokeweed

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Iiiinteresting... Can anyone guess which lucky cryptos get in on their trading desk besides the usual suspects, BTC, ETH, XRP (and maybe LTC)?

I think company backed cryptocurrencies are the most likely ones like XLM and XZC.

hase0278

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Quote from: TheQuin on April 17, 2018, 03:05:53 AM

Another sign of mainstream financial interests moving into the cryptocurrency space.

https://www.bloomberg.com/news/articles/2018-04-16/barclays-is-said-to-be-sounding-out-clients-about-trading-crypto

Quote

Barclays Plc has been gauging clients’ interest in the British bank starting a cryptocurrency trading desk, potentially joining Goldman Sachs Group Inc. in pioneering a new business on Wall Street, according to people with knowledge of the matter.

The CME and CBoE futures markets were only the start which allows major institutions to hedge their positions. I really see this opening up a path to a major inflow of fresh money.

This might as well be the start of organizational money era of bitcoin since it will gain massive support from organizations involved in finance and clients well involved with them. I also see this opening as the one who will make governments reconsider about their current ban or regulations on cryptocurrencies. I hope news like this one continues to pop out one after another.

TheQuin

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Another sign of mainstream financial interests moving into the cryptocurrency space.

https://www.bloomberg.com/news/articles/2018-04-16/barclays-is-said-to-be-sounding-out-clients-about-trading-crypto

Quote

Barclays Plc has been gauging clients’ interest in the British bank starting a cryptocurrency trading desk, potentially joining Goldman Sachs Group Inc. in pioneering a new business on Wall Street, according to people with knowledge of the matter.

The CME and CBoE futures markets were only the start which allows major institutions to hedge their positions. I really see this opening up a path to a major inflow of fresh money.

Topic: Barclays considering starting a cryptocurrency trading desk (Read 221 times)