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Barclays has requested data from know-how suppliers relating to a possible push into blockchain, based on Bloomberg.
The banking big 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 data for a possible push into blockchain, based on a Friday report from Bloomberg.
Sources aware of the matter stated the agency has requested data from “know-how suppliers” whereas it considers a path ahead. Its utilization of blockchain could embody tokenized deposits and stablecoins, the report stated.
The U.Ok.-based banking establishment seems to be warming to crypto, investing in stablecoin settlement startup Ubyx after being named as one in every of a variety of main worldwide banks exploring the joint issuance of a stablecoin final fall.
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“Specialist know-how will play a pivotal position in delivering connectivity and infrastructure to allow regulated monetary establishments to work together seamlessly,” Barclays Head of Digital Property Ryan Hayward stated on the time of the Ubyx funding.
Now the agency is additional investigating these applied sciences and will in the end determine on a supplier by April, based on Bloomberg.
If the agency in the end decides to supply tokenized deposits or experiment with stablecoins, it might be a part of a listing of main banking establishments which have already entered the crypto area.
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 nicely.
Barclays’ potential involvement within the area has not made a splash with shareholders on Friday, as shares within the agency are buying and selling down almost 4% because the broader market slides. However, shares have risen round 54% within the final 12 months of buying and selling.
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