A lot of things are changing in the world of cryptocurrency. Banks are slowly making a complete 180-degree turn in regards to this new form of money. After many years of opposing Bitcoin and similar currencies, financial giants are now entering the cryptocurrency markets. Barclays is the latest institution to consider taking this surprising approach.
BARCLAYS WANTS TO TRADE CRYPTOCURRENCIES
It is always interesting to see how banks decide to venture into the world of cryptocurrency. Given the negative attitude of banks when it comes to Bitcoin, any venture in this space will be scrutinized first and foremost. Even so, it appears Barclays is keeping a rather open mind toward cryptocurrencies as of right now, which is a more than welcome change at this point in time.
To be clear, Barclays has not announced any official plans just yet. Instead, the bank is asking its clients whether or not the British bank should launch its own cryptocurrency trading desk. Depending on how the general public responds to this inquiry, we may very well see a British version of Goldman Sachs’ attempt at trading Bitcoin and other cryptocurrencies. While this assessment is not a binding agreement to actually offer cryptocurrency trading services in the future, it certainly paints an interesting future for Bitcoin and its cohorts.
Assuming Barclays officials ever choose to pursue this cryptocurrency trading option, they will need approval from the higher-ups. That seems highly unlikely to occur, although neither CEO Jes Staley nor President Tim Throsby is averse to cryptocurrencies either. After all, Barclays recently signed an intriguing partnership with Coinbase to improve the exchange’s deposit and withdrawal options in the United Kingdom.
It has become apparent that banks and other financial service providers are showing an increasing interest in Bitcoin and other cryptocurrencies. Whether or not that is a positive development remains to be seen. After all, banks getting involved in this industry have not necessarily made the best of impacts on Bitcoin, mainly because people are not inclined to be exposed to Bitcoin through their financial institution.
Goldman Sachs has certainly set an interesting precedent when it comes to cryptocurrency trading desks. Whether or not any other bank will follow its example in the long run remains to be determined. Bitcoin and similar currencies are incredibly appealing as of right now, even with their recent volatile price movements. Bitcoin and altcoins will not be going away anytime soon; that much is rather evident.