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HSBC, which has shown a negative approach towards cryptocurrency investors in many periods, including the 2021 bull market, is now taking a step back. According to knowledgeable sources, HSBC, which has previously waged war against crypto, is now working with one of the largest crypto custody infrastructure companies. This recent development indicates that interest in crypto could potentially multiply.
HSBC and Cryptocurrencies
HSBC, which has taken strict measures in various matters, including allowing customers to purchase cryptocurrencies with credit or debit cards, is now retracting its previous stance. We have seen top executives making harsh statements about crypto in the past. However, opinions of individuals and institutions can change over time. For example, Michael Saylor completely reversed his anti-crypto stance and made his company’s fate dependent on Bitcoin.
Now, HSBC is making a similar turnaround. According to two knowledgeable sources, HSBC, one of the world’s largest banks based in London, is collaborating with the crypto custody technology firm, Fireblocks. Fireblocks is a company specialized in crypto custody technologies such as multi-party computation (MPC) and is already working with many major financial institutions.
Cryptocurrencies and Banks
The enthusiasm of major banks towards crypto is rekindling with the interest of trillion-dollar giants like BlackRock. The efforts and ETF applications of investment firms regarding crypto products are remarkable. Banks also intend to create a space where they can buy and sell cryptocurrencies within their client portfolios. For example, Garanti BBVA has already taken the first concrete step in this regard, as we previously reported. They plan to offer buying/selling services to their customers for at least BTC before the end of next year.
The relatively lower regulatory uncertainty in Asia and Europe has allowed financial institutions in these regions to become more advantageous in the crypto field. On the other hand, at the time of writing this article, the chairman of the SEC announced that they are continuing their evaluations on ETF applications.
