London-based multinational investment bank and financial services, Barclays announced that they will no longer pursue its crypto projects and will not revisit them. This news comes recently with the announcement by Goldman Sach, that they have abandon an plans relating to crypto trading as well as the project of establishing a crypto trading desk.
Barclays had originally been optimistic toward blockchain technology and banks hired some competent talent floating around in the blockchain industry. However, these field experts leader slowly abandoned the project as the team stopped receiving tasks and the project came to a halt. This stop in progress lead to many team members such as Chris Tyrer, who was the lead of Barclays Plc’s digital assets project, Matthew Duval (a leading consultant) Lee Braine (senior technologist) and Marvin Barth ( macroeconomics and emerging markets specialist). The resignations have yet to be addressed.
Jes Staley, Barclays CEO, stated that:
“he fears questions from the regulators about how digital assets would meet their requirements. It is likely that cryptocurrencies will be used in a field with which the bank wants to have nothing in common”
Barclays decision to cancel only leads to speculation as many other institutions are exploring the nascent industry.