Crypto Is Not Part Of HSBC’s Future, CEO Explains Why

2022-9-17 09:58

Crypto is not part of every banks’ strategy for the future.

HSBC, one of the world’s biggest multinational banks, says they’re not too confident about crypto and thus, will not be offering any service  related to it in the future.

Noel Quinn, HSBC CEO, says:

“I do worry about the sustainability of the valuations of crypto and I have done for a while. I’m not going to predict where it will go in the future.”

In a recent interview with CNBC-TV18, Quinn confirmed that they will not be treading into the crypto space such as exchanges or trading, not now or ever as they believe that it is not too clearly defined and tested in terms of stability and suitability for a lot of consumers today.

Image: PaymentsJournal HSBC Not A Fan Of Bitcoin

In May 2021, Quinn has revealed to Reuters his perspective on Bitcoin as unsuitable for payments because it’s difficult to quantify on a balance sheet judging by its high volatility. On the other hand, Quinn sees it as generally an asset class.

He also says that due to the volatile nature of Bitcoin, they refuse to support or promote it as an asset class.

For the same reasons, HSBC is also cautious about jumping into stablecoins. Although stablecoins have some stored value or are backed by the US dollar, it will really still depend on the accessibility, structure, and the organization backing it.

In April 2021, there were some changes implemented in the digital assets policy of HSBC Canada that included the suspension of sales transactions or exchange of products that are related to crypto. 

No Security And Stability?

Quinn has a rather pessimistic view regarding digital assets and how it will fit today’s market or consumer base.

Apart from the high volatility of cryptocurrencies, the rise of cyber attacks in connection to the crypto space has also prompted many financial institutions to lose faith and confidence in Bitcoin and the like.

In fact, more than 56% of cyber attacks have been targeted towards crypto and were able to hack roughly $1 billion. Lazarus, a notorious hacking group, was able to steal around $540 million worth of digital assets on Ronin Bridge and other DeFi platforms. In that light, HSBC is not considering it as an asset class.

No To Bitcoin, Yes To The Metaverse

Meanwhile, as the popularity of the metaverse rises, several businesses, including HSBC and JPMorgan Chase, are establishing virtual presences.

HSBC last March bought a plot of land within The Sandbox’s metaverse, the first global financial institution to do so.

JPMorgan Chase was the first of the big banks to establish an Onyx lounge in Decentraland, where users could purchase property using cryptocurrency, a month earlier.

Crypto total market cap at $926 billion on the daily chart | Source: TradingView.com Featured image from SuperCryptoNews, Chart: TradingView.com

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

crypto future banks part hsbc thus offering

crypto future → Результатов: 126


Фото:

Создатели The Graph запустили основную сеть. Токен появился на Binance, Coinbase и OKEx

Команда The Graph объявила о запуске децентрализованного протокола индексации данных в основной сети Ethereum. О листинге нативного токена криптопроекта (GRT) объявили три крупные биржи. The Graph Network is officially live! People all over the world are coming together to build a vibrant decentralized future on top of crypto networks.

2020-12-18 12:59


Японский банковский гигант SBI Holdings приобрел внебиржевую криптовалютную платформу

Японский финансовый холдинг SBI Holdings стал владельцем криптовалютной внебиржевой (OTC) платформы B2C2, ориентированной на институциональных клиентов. Looking forward to working alongside SBI to implement our vision for the future of financial markets 💪#crypto #fintech #innovation #banking #cyptofinancehttps://t.

2020-12-16 09:44


The Ripple Drop: Developing the XRP Ledger and the Future of Crypto Regulation in the US

The latest episode of The Ripple Drop looks ahead to the future development of the XRP Ledger and how US crypto regulation needs to evolve to help tech innovators. Changing the Face of Global Payments Vidya Mani accepted the role of Ripple’s new VP of Engineering because she believes the company has a compelling opportunity … Continued The post The Ripple Drop: Developing the XRP Ledger and the Future of Crypto Regulation in the US appeared first on Ripple.

2020-11-14 03:13


Here’s the Current Political Event That’s Driving Bitcoin Higher: Economist

Bitcoin has rapidly become a macro asset throughout the past few weeks and months, with the crypto trading largely based on global economic trends and events This has greatly benefited the cryptocurrency as of late, with a combination of stock market strength, weakness in the Dollar, and some economic uncertainty in the future all bolstering it One economist is now noting that there is one crucial economic event that will likely guide Bitcoin’s price action […]

2020-11-7 02:00


Фото:

Traders Express Caution Regarding Bitcoin as Election Day Arrives

Traders have long been looking towards election day as a potential catalyst for Bitcoin volatility that helps shapes the cryptocurrency’s future trend That day is now here, and BTC is actually seeing some positive price action so far this morning Bulls are in the process of pushing the crypto up towards its $13,800 resistance that has held strong throughout the past few weeks One trader is not expecting this momentum to last for too much […]

2020-11-4 21:00