HSBC Looks to Expand to Crypto – Trustnodes

HSBC, one of the biggest bank in UK with more than $600 billion in assets under management, is looking to expand to crypto.

The global bank is hiring for a number of crypto roles, including a Product Director for tokenisation use cases.

“Because Digital Assets is a new topic and strategic & risk appetite considerations are evolving quickly, the Head of Tokenisation will be required to make complex business and project decisions, that contribute to a high value, strategic initiative,” the bank says.

They’re also looking for a Product Manager “to drive the digital assets agenda, including tokenization, custody use cases and indirect digital asset products.”

In particular they specify that knowledge of Private Banking and Wealth businesses is required with the bank also hinting they might be launching a new offering through GPB&W Digital Assets.

They’re likely to focus on wealthy clients with a new survey by deVere Group, a financial advisory that claims $10 billion in assets and 80,000 clients, finding that 82% of clients with between £1m and £5m of investable assets sought advice on cryptocurrencies.

That’s even during the bear last year, showing wealthy individuals in particular are taking crypto very seriously.

“Wealthy investors understand that digital currencies are the future of money, and they don’t want to be left in the past,” says Nigel Green, the CEO of deVere Group.

Numerous banks, including JP Morgan, have began offering crypto products to their wealthy clients in response to higher demand.

HSBC may be moving in the same direction, although their focus appears to be broader in considering tokenization.