Barclays (LON:BARC) has moved to end its partnership with major cryptocurrency exchange Coinbase, Reuters has reported, quoting sources. The move ends a relationship which started in March last year as the exchange expanded in Europe.
Barclays’ share price has been little changed in London this morning, having added 0.03 percent to 138.80p as of 09:25 BST, outperforming the broader UK market, with the benchmark FTSE 100 index having slipped marginally into the red and currently standing 0.27 percent lower at 7,129.54 points. The group’s shares have given up more than 22 percent of their value over the past year, as compared with about a 4.8-percent fall in the Footsie.
Barclays ends partnership with Coinbase
Sources with knowledge of the matter told Reuters that Barclays was no longer providing banking services to Coinbase. The move ends a relationship which started in March last year and made it easier for users of the San Francisco-based exchange to buy cryptocurrencies with pounds and withdraw their funds.
Reuters noted that Barclays had declined to comment, while Coinbase did not respond to repeated requests for comment. The news was first reported by industry website CoinDesk yesterday.
While cryptocurrencies are largely unregulated in the UK and across Europe, Coinbase is licensed to provide fiat currency-related services across 23 EU countries.
Analysts on FTSE 100 lender
Goldman Sachs, which is ‘neutral’ on the FTSE 100 group, trimmed its target on the Barclays share price from 200p to 190p. According to MarketBeat, the company has a consensus ‘buy’ rating and an average valuation of 210.14p.
Barclays updated investors on its half-year performance earlier this month, reporting a rise in its profit before tax. Stripping litigation and conduct charges, however, the group’s profit fell year-on-year. The lender meanwhile posted a rise in its Common equity tier 1 (CET1) ratio and hiked its payout to shareholders.
Tsveta van Son is part of Invezz’s journalist team. She has a BA degree in European Studies and a MA degree in Nordic Studies from Sofia University and has also attended the University of Iceland. While she covers a variety of investment news, she is particularly interested in developments in the field of renewable energy.