HSBC Reportedly Partners With Fireblocks Amid US Crypto Regulatory Turmoil
Portfolio Pulse from Khyathi Dalal
HSBC Holdings is reportedly partnering with crypto custody technology business, Fireblocks, to expand into the digital asset space. This comes amid regulatory uncertainties in the U.S. crypto sector. HSBC has previously shown interest in the crypto space, launching Bitcoin and Ethereum ETFs and allowing licensed crypto firms to create bank accounts. Fireblocks, which provides a non-custodial wallet-as-a-service, has been a provider of crypto custody instruments for the Bank of New York Mellon and BNP Paribas since early 2021.
September 13, 2023 | 9:07 pm
News sentiment analysis
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POSITIVE IMPACT
HSBC's partnership with Fireblocks could potentially boost its presence in the digital asset space, which may attract more customers and increase revenues.
HSBC's move to partner with Fireblocks shows its intent to expand into the digital asset space. This could potentially attract more customers interested in crypto, leading to increased revenues.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Bank of New York Mellon's existing partnership with Fireblocks is highlighted, which could reinforce its position in the crypto space.
The mention of Bank of New York Mellon's existing partnership with Fireblocks reinforces its position in the crypto space, but the news does not directly impact the bank.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
BNP Paribas' existing partnership with Fireblocks is highlighted, which could reinforce its position in the crypto space.
The mention of BNP Paribas' existing partnership with Fireblocks reinforces its position in the crypto space, but the news does not directly impact the bank.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50