HSBC wants to explore the opportunities that Blockchain has to offer

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HSBC wants to explore the opportunities that Blockchain has to offer

By Wajeeh Khan - min read
Updated 07 February 2023
hsbc explore blockchain opportunities
  • HSBC posted crypto-related job openings on its career page today.
  • Peers have already launched crypto products in recent years.
  • Shares of the largest European bank ended slightly down on Tuesday.

“This article has been updated to reflect new developments”

HSBC Holdings plc was in focus today on reports that the largest European bank was now ready to venture into cryptocurrencies.

HSBC posts crypto-related job openings

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.

According to the financial behemoth, the rapidly evolving crypto landscape has necessitated that the bank develops a footprint in this market.

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.

Shares of HSBC Holdings plc that are up more than 15% year-to-date ended slightly in the red today.

HSBC is joining the likes of JPMorgan Chase

The British multinational isn’t the only one in big banks that’s considering dipping its toe in the crypto market. Peers, including JPMorgan Chase & Co have already launched crypto-related products in recent years.

HSBC Holdings plc is currently 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.

However, this should not be considered as confirmation the bank itself is entering the crypto space. In fact, the job post reflects the company’s ambitions to explore opportunities associated with blockchain and asset tokenisation.

This is to say that the bank’s broader stance on crypto remains pretty much unchanged. HSBC was previously reported saying it’s “not into Bitcoin as an asset class”.