Barclays Shutdown All Crypto related projects

Barclays Shutdown All Crypto related projects

Barclays cancel blockchain projects

For a major financial institution like the Barclays to start a project only for them to back out of it is a great indication of trouble, that can’t be swept beneath. The leading financial conglomerates, Barclays has recently released announcements that it will be putting a stop to its blockchain projects, without plans to go back to it.

When Barclays Stated its Project

Barclays started the blockchain project earlier this year when it created a consortium of industry specialists with the main agenda of exploring various aspects of the technology, most especially Cryptocurrency trading. That was the last major news coming from them in relations to blockchain technology. It looks like the institution regretted its actions and decided to pause all operation until now when it finally wrapped the whole thing up.

Specialist Resigned

The banks went as far as cutting connection with the specialist hired, thus making them idle without no directive as to what to do next. A good example is that of Chris Tyrer, who was originally part of the specialist invited to work at the Barclays on its blockchain projects. He was part of a team which includes the senior technologist Lee Braine, Matthew Duval (a leading consultant) and Marvin Barth, who was responsible for macroeconomics and emerging markets. The team was initially charged with finding out if investing in Cryptocurrency related trading is worth it and the overall future trajectory of the asset class.

Chris Tyrer recently tendered his resignation letter. However, neither he nor the bank has given any comment in relations to this.

Following a statement for Jes Staley, Barclays Chief Executive Officer, which states 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”

One can easily deduce why the bank has made this move at this particular shaky period in the blockchain lifecycle.