Barclays Junk Bond Trader Leaves Bank to Seek Fortune With NFTs

(Bloomberg) --

High-yield bond trader Mike Anderson has left Barclays Plc to pursue a career in crypto investments, according to people familiar with the matter.

Anderson, who worked on the bank's high-yield credit trading desk in London quit in January, according to the people, who weren't authorized to speak publicly on the matter. 

Anderson left the bank to join former Barclays high-yield cash and derivatives trader Ovie Faruq to trade in crypto assets, specifically non-fungible tokens, or NFTs -- the people said. Faruq left the bank last year amid a spate of departures from traders who were unhappy that their bonuses failed to reflect the pandemic profit surge.

Read More: Barclays Faces Credit Trader Exodus Over Bonus Disappointment

Anderson declined to comment when contacted by Bloomberg News. Ovie and a representative for Barclays weren't immediately available for comment. 

NFTs are digital items that use the blockchain to create a digital signature that make them unique. The assets have received backing from some high-profile investors and celebrities ranging from ex-private equity honcho Mike Novogratz to actress Paris Hilton. 

Read More: What's an NFT? It's What Makes GIFs Worth Big Bucks: QuickTake

Digital art is one high-profile example of NFTs: last year, auction house Sotheby's reported $100 million in NFT sales including a bundle of NFTs Bored Ape Yacht Club that fetched a record $24.4 million. 

Several football clubs are also using NFTs to sell digital tokens to fans. London's Arsenal Football Club plc was warned for by the U.K. regulator that its NFT offering broke advertising rules. 

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