HSBC Carefully Monitors the Cryptocurrency Investment Market
In a statement to a news portal, HSBC’s global head of digital revealed that the bank is carefully monitoring the cryptocurrency investment activities to pinpoint whether it can be considered a useful asset to its clients. He stated that the bank is not considering to deal with cryptocurrencies as doesn’t see it as a valid investment tool because of its unclear value and fluctuating prices. However, they may change their perspective in the future as cryptocurrency proves its value in the market.
Also, a spokesperson at the bank verified that the bank doesn’t deal with cryptocurrencies in any of its transactions or investments.
HSBC Examines Blockchain Technology
Although HSBC is skeptic about cryptocurrencies, as is the case with a large number of financial organizations, it is examining the technology of blockchain in various functions.
HSBC is a founding member of a blockchain platform called We.trade. The platform concluded its first live functions earlier this month and it consists of 20 companies and 5 leading banks.
Also, HSBC became a member of the USC project in August 2017. The project aims to expedite the money issuing process of central banks around the world by utilizing the blockchain platforms. The co-founder of the project and the head of fintech Partnerships at HSBC disclosed in their statements to the press that the project will represent as a milestone in central banks using cryptocurrencies in the future.