The future has come indeed! Barclays, one of the most reputable, trusted and sophisticated banks in the world, is getting ready to go crypto-active. We have to tell you, we have suspected from the beginning: the big B on the front kind of gave it away. Well, ok, maybe we didn’t but  Barclays are officially showing interest in crypto-trading, and they aren’t the only ones, so read on for more.

You may have heard about the Russians’ new bill and efforts aimed at regulating cryptocurrency in the US. Coindesk have shed some light on the events in their April the 16th coverage of the event in case you’re looking for more specific details (of which there aren’t any).

Then like a house of cards, the façade of disguises started to fall apart, and it started turning out other large firms have also been flirting with the concept for a while – and some even have been intimately involved with a few massive projects. In logical order, however:

It looks like the UK is picking up the baton, ushering in the new crypto-ready era of awesomely fast transactions, impregnable security, and transactions fees of next to zero.

Barclays has declared:

“We constantly monitor developments in the digital currency space and will continue to have a dialog with our clients on their needs and intentions in this market,” Barclays spokesman Andrew Smith told the publication, adding that the bank does not currently have any plans to open a cryptocurrency trading desk.”

It may look like it, but what is actually happening?

Barclays are contemplating adding a cryptocurrency trading desk to the existing set of services, which is another proof of the pattern we have been commenting on for a while. Haven’t we been telling you for some time that the world was finally ready for crypto and that long-term paradigm and tectonic shifts were happening that made us think crypto was here to stay?

Well, here is another reason to never doubt us again: one of the world’s leading banks is getting ready to make its relationship with crypto official. And they’re not the only one. If you’re keeping tabs on the market, you’ll know about Goldman Sachs’ flirty relationship with Circle Invest, one of the most promising commissionless cryptocurrency trading platforms the world is yet to see.

Goldman Sachs has published a formidable report recently on all (we think) aspects of Bitcoin and related matters, thus showing they are actively interested in some kind of an affiliation.

The report includes numerous interviews by experts in the field and introduces a few tempting aspects of integration of traditional banking and new-age tech. Roman Leal from GS IT Services points out potential advantages:

“The Bitcoin network uses the internet to bypass some of the money transfer hurdles from traditional banking systems and national boundaries. As a result, the network could theoretically solve some of the pain points involved in the current payments and money transfer ecosystems, potentially driving some savings for merchants and consumers. For example, Bitcoin – or other digital currencies might enable:

 Individuals to transfer money as seamlessly as sending an email

while reducing money transfer and currency conversion fees.

 Businesses to accept non-cash payments for the same

percentage fee regardless of the purchase amount ($5mn or $0.05).

 Travelers to buy goods abroad without paying cross-border fees

typically charged by banks and/or networks.”

What we think

The pros of implementing Bitcoins you will highly likely have seen more than once here if you’re a constant fan of our work. We have also gone over alternative choices if you’re a gourmet.

We have been suggesting for a while now that there is evidence of blockchain and crypto’s inevitable and ubiquitous integration into the market.

Even though Barclays has been quite elusive when it came to sharing tangible plans, they have pointed out they have been monitoring growing interest in the niche and will be keeping track of their clients’  interest in the matter in the time to come.

Even though they may not have any specific and concrete plans for now, the fact that they are inspecting the possible outcomes may indicate interest, which would certainly fit in with the global trend. Whether the price is right or not (and at the moment of writing cryptocurrency is slowly but surely rising), cryptocurrency is certainly acquiring the world one business at a time, and the speed with which it is expanding its area of influence is growing exponentially.

Image by Kapital.kz.

 

Categories:

Bitcoin News

Share This