14 Oct Barclays halts work on cryptocurrency trading project
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Barclays has halted work on a cryptocurrency trading project, according to two people familiar with the situation, in the latest twist for banks hoping to tap into the burgeoning sector.
The investment bank put together a senior team earlier this year to look at how it could incorporate the trading of digital assets into its markets business. The initiative, however, has been put “on ice”, one of the people said.
Chris Tyrer, the bank’s former head of energy trading, moved into a full time role leading the so-called ‘digital assets project’ earlier this year but left the bank in September after the decision was taken to shelve the cryptocurrency trading project.
Tyrer could not be reached for comment. Barclays declined to comment.
Tyrer worked alongside Marvin Barth, head of FX and emerging markets macro strategy at Barclays, on the project. Lee Braine, a senior technologist at investment bank, and consultant Matthieu Jobbe Duval also worked on the venture.
The four were…
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