Super Cities №72 — Corporate Surrender or Strategic Vision?

Brendan Hart

One Big Thing

Fox, meet henhouse

“Barclays BCS 4.85% PLC has become a rare global bank to embrace the cryptocurrency sector by signing exchange operator Coinbase as a customer.”

‘First they ignore you. Then they laugh at you. Then they attack you. Then you win.’ — (Not) Mohandas Gandhi

In the world of cryptocurrencies, there are true believers and true skeptics. With the rapid rise and fall of bitcoin, those voices are getting stronger and louder. It’s not clear who is right.

Coinbase is a leading cryptocurrency broker. With $1 billion in revenue, Coinbase is becoming a force in the buying and selling of crypto assets.

That doesn’t mean traditional asset managers are enthusiastic about cryptocurrency. Bank of America recently said cryptocurrencies are material risks to its business. Goldman Sachs took this logic a step further by citing “distributing ledgers” — the technology underpinning blockchain — as the real risk.

Apparently, no one bothered to tell Barclays. To peers, Barclays looks like its appeasing the crypto-crazies. To the rest of us, Barclays seems like it is merely acknowledging a global tectonic shift.

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