One of the world’s biggest and UK’s best banking and financing services organization, HSBC appears to get pulled in to digital currencies all things considered. HSBC is certifiably not a total outsider to the universe of digital currency as it has just launched a blockchain pilot in May. In addition, the bank is likewise intending to join Standard Chartered alongside 21 different banks for a blockchain-based trade finance platform.
The world’s seventh largest bank is apparently circumspectly interested in crypto market and as of now investigating it.
Josh Bottomley, the Global Head of Digital at HSBC, in an interview with Forbes, uncovered, “We are cautious looking into this area.”
Before managing the digital strategy for both the retail and wealth management department of HSBC, Bottomley was leading the display advertising arm of Google.
Discussing the approach HSBC is taking towards crypto, he shares,
“There’s a use case when you have a token or currency that’s actually useful for a particular purpose, and it serves that need.”
With respect to the leading digital currencies like Bitcoin (BTC) and Ethereum (ETH), Bottomley stresses the non-intrigue part until further notice, “But that is very different from if it’s pure speculation. Right now we’re not interested in that at all…but it might change.”
Clearly, the volatility is the essential concern as he elucidates,
“One of the criteria we use is if an asset class is showing incredible volatility up and down. For the vast majority of our customers, that makes it an inappropriate saving or investment vehicle.”