The largest bank in Hong Kong, HSBC, now offers a new class of services based on cryptocurrencies, according to local reporter Colin Wu.
According to local reporter Colin Wu, the Hong Kong and Shanghai Banking Corporation (HSBC) offers services based on cryptocurrencies. With this, the largest financial entity in the Chinese province would have given citizenship to assets such as BTC and ETH, among others.
According to Wu, investors would be exposed to these assets through exchange-traded funds, or ETFs. The objective of this movement of the Asian lender is to allow investors to obtain results from investments in digital currencies.
This step is believed to be extremely positive, given that it is one of the largest banks in the world. In that sense, the lender joins the trend of large institutions to rescue cryptos from the current situation of uncertainty.
Investments in Cryptocurrencies Seduce Institutions Again
The fact that Hong Kong’s largest bank is now offering financial services in cryptocurrency is news worthy of attention. After a 2022 of distancing and distrust, institutional investors seem to be willing again to bet capital on these assets.
Risk appetite seems to be back in fashion among big money, which is driving the crypto market into the green. In fact, last week the price of Bitcoin hit 12-month highs by breaching the barrier of $31,400 per coin.
The reason for this is that big players like the world’s largest investment manager, BlackRock, want to launch a spot ETF in the US Likewise, the German giant, Deutsche Bank, applied for a license to offer custody of digital assets.
Unlike the rest of China, Hong Kong intends to become a global epicenter of the digital currency market. Now that the largest bank in the area offers services in cryptocurrencies, that trend seems to be taking shape at an accelerated rate.
The Institutional Seem to Point in the Same Direction
If a finance giant offers services in cryptocurrencies, this becomes very positive news for the market. It is not just a private and isolated bank, though, but a series of large institutions that arrive as guests at a party that is about to begin.
The institutional ones seem to sniff out that something big is coming for the digital currency market in the short or medium term. Claiming otherwise would be to assume that the sudden interest of half a dozen financial giants in the sector is accidental.
In other words, as for cryptocurrencies, with all the problems they face, it could be assumed that institutionalists think that the risk of approaching them will be worth it.
In Hong Kong, the matter marks a parallel positive trend with cryptocurrency services offered by HSBC. With this move, the province could attract a fresh wave of capital interested in investing in a market that looks like a depressed spring.
The Rise of Hong Kong as a Hub of Innovation
Hong Kong has every intention of becoming a global epicenter for cryptocurrencies and Blockchain. All their efforts seem to be paying off and investors should start moving in shortly.
HSBC clients will have an easy and secure way to trade virtual currencies and will enjoy the support of institutions regulated by the region’s agencies. This avoids common scams in the open crypto market.
The movement of the bank is of great importance considering its magnitude. In another vein, Wu’s report has so far not been accompanied by a statement from the lender.
By Audy Castaneda
