The largest investment Bank in the UK Barclays have frozen the project for the launch of cryptocurrency trading Desk on the background of protracted bear market, which weakened the interest of clients and investors to a new asset class.
According to Financial News, the London-based banking giant has postponed work on the project in September. In addition, the project involved conducting in-depth research into the nature of digital assets, analysis of customers ‘ interest in cryptoprocta and assessment of infrastructure investments Barclays, which the Bank could offer customers services in the field of cryptocurrency.
It is noteworthy that Barclays had previously obtained a patent on the blockchain system that would allow banks or other financial intermediaries to create and produce their own tokens, provided Vietnam capital of the Bank.
It’s not clear why Barclays has suspended the project. Perhaps this is due to the long downturn in the cryptocurrency market, which began in January and continues for more than 10 months, which, in turn, reduced the popularity of digital currencies among retail investors.
We will remind, recently Barclays Plc has completed a testing blockchain solutions from IBM, allowing to optimize banking processes.
In the past year, Barclays joined a consortium of CLS, working together with JPMorgan Chase, Goldman Sachs and Bank of China, with the aim of improving the efficiency and security of the cryptocurrency market.