Cointime

Download App
iOS & Android

Why Is This Banking Giant Suddenly Venturing Into Crypto?

After advertising major job positions in the cryptocurrency industry, United Kingdom’s top bank HSBC has hinted it plans to enter the growing digital asset sector in the coming future. According to advertisements for open positions that were published recently, the leading financial institution is particularly interested in recruiting a Product Director to oversee “tokenization” use cases and Web3.

HSBC’s Crypto Job Openings

While detailing the new position, HSBC states that the concerned individual would require to report to the Global Head of Digital Assets and Head of HSBC Open, thus highlighting the fact that the role is a senior position in the banking conglomerate. The bank claims that the positions have become necessary due to the rapidly changing nature of the cryptocurrency industry and the involved risk appetite.

HSBC was quoted as saying:

The Head of Tokenisation will be required to make complex business and project decisions, that contribute to a high value, strategic initiative.

The applicants would have the external responsibility of representing the corporation to “regulators, clients, and the digital assets ecosystem to position HSBC” as a pioneer and innovator in the continuation of the digital assets initiative, according to the job description. Furthermore, the potential candidate needs to envision, design and implement a global tokenization proposition that is commercially meaningful bearing in mind HSBC’s scale. Concurrently, those who are successful in their applications for the position of Product Manager for digital assets will be accountable for advancing the agenda for cryptocurrencies.

Crypto’s Growing Influence

“The Product Manager for Digital Assets will be required to build strategic frameworks and policies to help drive complex business, project and governance decisions. This will include the strategic creation and day-to-day management of governance forums and committees to efficiently and transparently drive the digital assets agenda,” the financial giant said.

HSBC is seeking candidates for these positions who are willing to perform in a dynamic regulatory environment and have the ability to work in challenging circumstances. Interestingly, the United Kingdom, which will be the job location —  is one of the international jurisdictions stepping up its efforts to establish new cryptocurrency legislation in light of rising consumer interest.

HSBC follows in the footsteps of other well-established banking giants such as JPMorgan in offering products related to blockchain and cryptocurrency. But, where other banking heavyweights mostly cater to providing custodian facilities or trading for elite individuals, HSBC’s stance on “tokenization” may be on a different route altogether.

Comments

All Comments

Recommended for you

  • 400 million DOGE transferred from unknown wallet to Robinhood

    Whale Alert monitoring shows that at 09:10:35 Beijing time, 400,000,000 DOGE coins (worth $62,825,933) were transferred from an unknown wallet to Robinhood.

  • Contango Blockchain x AI Fund Completes $5 Million Fundraising

    Contango Digital Assets, a portfolio under Orthogonal Global Group, announced that its blockchain and AI seed fund, Contango Blockchain x AI Fund, has completed a fundraising of $5 million. Investors include the CEO of Quantstamp, the CFO of SingularityNet, the CEO of WonderFi, a general partner of X Ventures, early limited partners of Digital Money Group and Polychain Capital, as well as investors of VANTA DAO. It is reported that the fundraising goal of the fund is $10 million, and it will focus on supporting projects in the decentralized artificial intelligence field in the future. Currently, it has purchased tokens of the telecommunications sharing economy project Minutes Network.

  • SEC v. Ripple case progress: SEC will submit a public redacted version of the remedy response brief and supporting evidence by Wednesday

    Former US federal prosecutor James K. Filan shared the latest developments in the SEC's lawsuit against Ripple on X platform. The SEC has submitted sealed documents, including its response brief and supporting evidence for its remedies. These documents have not been made public yet. The revised public version will be submitted before Wednesday, May 8th. Other sealed documents will be submitted later.

  • LayerZero: Working with Nansen and others to write a Sybil Detection Report

    LayerZero Labs announced that it has been working with Chaos Labs and Nansen to compile a witch detection report. They will consider the total weighted transactions of each user in all LayerZero applications to ensure consistency between TGE, developers, and long-term users. The report will be released after the deadline for self-reporting witches.

  • Ethereum network gas fee drops to 4 gwei

    According to Etherscan data, the current gas fee on the Ethereum network has dropped to 4 gwei.

  • Yesterday, Grayscale GBTC had a net inflow of US$4 million, achieving net inflows for two consecutive days

    According to HODL15Capital monitoring, the trading volume data for Bitcoin spot ETF on May 6th is as follows: BlackRock IBIT 932 million US dollars, Grayscale GBTC 365 million US dollars, Fidelity FBTC 297 million US dollars, ARKB 66.08 million US dollars, BITB 52.4 million US dollars.

  • Asset Manager Hightower Buys $68 Million Worth of Bitcoin Spot ETF

    According to Watcher.Guru, asset management company Hightower with a management scale of 130 billion US dollars disclosed in an SEC filing that it has purchased a Bitcoin spot ETF worth 68 million US dollars.The company holds positions in 6 Bitcoin spot ETFs, specifically:Grayscale BTC: 44,838,000 US dollars (709,956 shares)Fidelity Bitcoin ETF: 12,410,000 US dollars (200,084 shares)BlackRock Bitcoin ETF: 7,621,000 US dollars (188,397 shares)ARK Bitcoin ETF: 1,702,000 US dollars (23,964 shares)Bitwise Bitcoin ETF: 988,000 US dollars (25,449 shares)Franklin Templeton Bitcoin ETF: 788,000 US dollars (19,129 shares)

  • 9 spot Bitcoin ETFs increased their holdings by a total of 3,710 Bitcoins on May 6

    Lookonchain monitoring data on May 6th showed that Fidelity added 1662 Bitcoins, worth about 105.7 million US dollars, and currently holds 151,241 Bitcoins, worth about 9.62 billion US dollars; Grayscale GBTC reduced holdings by 938 Bitcoins, worth about 59.66 million US dollars, and currently holds 291,239 Bitcoins, worth about 18.53 billion US dollars; 9 Bitcoin ETFs collectively added 3710 Bitcoins, worth about 236 million US dollars.

  • German state-owned development bank KfW plans to issue blockchain digital bonds with a minimum size of 100 million euros

    Germany's state-owned development bank Kredittanstalt fuer Wiederaufbau (KfW) plans to issue a blockchain digital bond with a minimum size of 100 million euros. Insiders revealed that the bond is expected to mature on December 31, 2025. KfW is reportedly in discussions with European institutional investors during the preparation phase over the next few weeks to allow investors time to become familiar with the transaction. The transaction is expected to be completed in the summer.

  • Blockchain Life 2024 thunderstruck in Dubai

    Dubai, April 17, 2024 - The 12th edition of the Blockchain Life Forum, known as the leading gathering for global cryptocurrency leaders, concluded with an impressive turnout of 10,162 attendees despite the unprecedented storm that happened in Dubai.