In short
- Barclays has requested info from know-how suppliers concerning a possible push into blockchain, in accordance with Bloomberg.
- The banking large is alleged to be contemplating tokenized deposits and stablecoin funds.
- Earlier this 12 months, the agency made an funding in stablecoin settlement agency, Ubyx.
Publicly traded banking establishment Barclays (BCS) is reportedly gathering info for a possible push into blockchain, in accordance with a Friday report from Bloomberg.
Sources acquainted with the matter mentioned the agency has requested info from “know-how suppliers” whereas it considers a path ahead. Its utilization of blockchain might embody tokenized deposits and stablecoins, the report mentioned.
The U.Ok.-based banking establishment seems to be warming to crypto, investing in stablecoin settlement startup Ubyx after being named as considered one of a variety of main worldwide banks exploring the joint issuance of a stablecoin final fall.
“Specialist know-how will play a pivotal function in delivering connectivity and infrastructure to allow regulated monetary establishments to work together seamlessly,” Barclays Head of Digital Belongings Ryan Hayward mentioned on the time of the Ubyx funding.
Now the agency is additional investigating these applied sciences and will finally determine on a supplier by April, in accordance with Bloomberg.
If the agency finally decides to supply tokenized deposits or experiment with stablecoins, it could be part of a listing of main banking establishments which have already entered the crypto house.
Final 12 months, JPMorgan launched its tokenized deposit token—JPMD—to the Coinbase-incubated Ethereum scaling community, Base, letting institutional shoppers make funds utilizing a digital illustration of their JPMorgan deposits. The agency expanded the token to the Canton Community earlier this 12 months.
That call adopted a report that JPMorgan was engaged on a framework to permit its shoppers to make use of Bitcoin and Ethereum as collateral for loans. Plus, publicly traded US Financial institution started testing its personal stablecoin on the Stellar Community, whereas Citi and Financial institution of America have registered their very own curiosity as properly.
Barclays’ potential involvement within the house has not made a splash with shareholders on Friday, as shares within the agency are buying and selling down practically 4% because the broader market slides. Nonetheless, shares have risen round 54% within the final 12 months of buying and selling.
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