The ongoing cryptocurrency bear market looks to have affected the plans of Barclays Bank…
Yesterday, we reported the news that it’s going to take an estimated two years to bring cryptocurrency regulation to the UK – and that’s if the process started today. Now, a further less than positive sign for the UK crypto industry arrives, with the reveal that Barclays Bank has apparently put its own British cryptocurrency project on hold.
Barclays had been working on a cryptocurrency trading idea, that was being headlined by Chris Tyrer, its then head of energy. But it’s now understood that the project was actually put on hold (or, more likely, shelved altogether) back in September, and that Tyrer has left the business as a result.
Barclays was exploring just what the long term of cryptocurrency was, whether it would be a flash in the pan, or if it needed to plan longer term for its clients. It’s believed that the ongoing bear market in the world of cryptocurrency significantly dampened the bank’s enthusiasm for the work.
Quite what the exact project is or was, though, was never confirmed. Tyrer had posted that he was working on a ‘digital assets project’, although Barclays never admitted as such directly. Likewise, Barclays hasn’t commented on the project’s shutdown.
That said, it was believed that Tyrer was heading up a ‘senior team’ of people, and that the bank had committed notable resources to the work. Publicly, Barclays has been sceptical at best about cryptocurrencies, and it remains to be seen whether any other UK banks will pick up path finding instead…