Sources familiar with the matter said the firm has requested information from “technology suppliers” while it considers a path forward. Its utilization of blockchain may include tokenized deposits and stablecoins, the report said.
“Specialist technology will play a pivotal role in delivering connectivity and infrastructure to enable regulated financial institutions to interact seamlessly,” Barclays Head of Digital Assets Ryan Hayward said at the time of the Ubyx investment.
Now the firm is further investigating those technologies and could ultimately decide on a provider by April, according to Bloomberg.
If the firm ultimately decides to offer tokenized deposits or experiment with stablecoins, it would join a list of major banking institutions that have already entered the crypto space.
Barclays’ potential involvement in the space has not made a splash with shareholders on Friday, as shares in the firm are trading down nearly 4% as the broader market slides. Nevertheless, shares have risen around 54% in the last year of trading.
