FX.co ★ Barclays to launch cryptotrading desk

Barclays, the second-largest bank in Britain by assets, has appointed a team to look into the possibility of setting up a cryptocurrency trading desk.

Barclays energy trading chief Chris Tyrer will lead a newly-created “digital assets project.” He will work together with Marvin Barth, who has been in charge of the bank’s emerging markets macro strategy, and Barclays head of the blockchain technology team Lee Brain.

The bank emphasized impressive prospects at the fast-growing cryptotrading space. According to Lee Brain, blockchain-based startups are full of incredible opportunities.

Specialists involved in the new project are apparently having the positive attitude to cryptocurrencies, convinced that they have the potential to become a full-fledged asset class.

Analysts believe that the new technology will allow the bank to streamline its IT structure, as well as to boost customers’ trust and interest to cryptos.