UK Banking Giant Barclays’ Cryptocurrency Project ‘Put on Ice’: Report

Major investment bank Barclays has reportedly put its cryptocurrency trading project “on ice” amid a prolonged bear market that has dampened interest in the asset class among many investors.

According to a Financial News report, the London-based financial institution shelved the project in September, leading to the departure of Chris Tyrer, the bank’s former head of energy trading who had been in charge of the “digital assets project.”

Among other things, the project involved determining whether cryptocurrency would be more than just a fad, gauging client interest for crypto products, and evaluating what infrastructure the bank would need to invest in to offer related products and services. As recently as August, Tyrer’s LinkedIn profile had stated that he had been “hired to produce a business plan for integrating a digital assets trading desk into Barclays’ marketing business.” However, a Barclays spokesperson disputed that the bank was opening a…