HSBC Joins Hands With Fireblocks To Ignite Cryptocurrency Opportunities

Key Points:

• HSBC, one of the world’s largest banks, is partnering with cryptocurrency custody firm Fireblocks to expand its cryptocurrency services.
• The bank now allows customers in Hong Kong to trade Bitcoin and Ethereum ETFs, broadening its cryptocurrency offerings.
• Fireblocks, a specialist in cryptocurrency safekeeping technology, has a strong presence in the industry and serves major financial institutions.

According to a CoinDesk report, HSBC, one of the world’s largest banking institutions, is collaborating with cryptocurrency custody technology firm Fireblocks, sources familiar with the matter reported.

HSBC, renowned for its global reach, serving 40 million customers across 64 countries and territories, has been steadily diversifying its services. Now, it has extended its cryptocurrency offerings by permitting customers to trade Bitcoin and Ethereum ETFs in Hong Kong. Among the available ETFs are CSOP Bitcoin and Ethereum Futures, along with Samsung Bitcoin Futures.

Fireblocks, a specialist in cryptocurrency safekeeping technologies like multi-party computation (MPC), already had a track record of working with major banks before this partnership. The company has established itself as a dominant player in the cloud industry, boasting a significant market share.

The company expanded its support for cloud service providers such as AWS, Google Cloud, Alibaba Cloud, Thales, and Securosus. In early 2021, it became the preferred custody technology provider for BNY Mellon and counts BNP Paribas among its clients.

Furthermore, Fireblocks offers a non-custodial wallet service to its extensive list of fintech and corporate clients. This service allows end-users of platforms like Revolut and Nubank to maintain full control over their assets.

This collaboration between HSBC and Fireblocks reflects the banking giant’s commitment to embracing the evolving landscape of cryptocurrency and providing its diverse clientele with expanded options for their financial ambitions.

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