• HSBC is exploring its options of venturing into the crypto market by posting crypto-related job openings on its career page.
• The move comes as peers have already launched crypto products in recent years and is a change of pace for HSBC, which has been vocal against cryptocurrencies.
• Shares of the largest European Bank ended slightly down on Tuesday despite the announcement.
HSBC Exploring Crypto Market
HSBC Holdings plc was in focus today on reports that the largest European bank was now ready to venture into cryptocurrencies. On Tuesday, HSBC listed a job opening on its career page confirming that it was looking for a „Product Director“ to supervise tokenization use cases.
Crypto Landscape Evolving Quickly
Because digital assets is a new topic and strategic & risk appetite considerations are evolving quickly, Head of Tokenization will be required to make complex business and project decisions that contribute to a high value, strategic initiative. HSBC is also looking for a suitable candidate to fill in the role of Product Manager for digital assets as well, which suggests that it wants to offer a broad set of services within the crypto niche.
Peers Have Already Launched Products
HSBC isn’t the only one in big banks that’s considering dipping its toe in the crypto market. Peers like JPMorgan Chase & Co have already launched crypto-related products in recent years.
HSBC’s CEO Vocal Against Cryptocurrencies
Just months ago, HSBC’s CEO Noel Quinn was reported saying that HSBC will not rush into cryptocurrencies. Despite this announcement shares of HSBC Holdings plc ended slightly down today which were up more than 15% year-to-date before this news came out.
The filing with job openings shows how serious banking institutions are getting when it comes to cryptocurrency investments and projects they are pursuing even though there may still be some resistance from higher management levels inside these companies due to lack of knowledge or lack of interest towards this technology at present time.