HSBC announces entry into crypto with tokenization job postings

HSBC, one of the UK’s leading banks, has revealed plans to venture into cryptocurrencies by advertising key positions in the sector.

The bank is notably recruiting a product manager to tokenization use cases and digital assets, Jobs posted on Jan 30 indicate.

According to the bank, the roles were necessitated by the evolving nature of the crypto industry and implied an appetite for risk.

“Because digital assets are a new topic and strategic and risk appetite considerations are rapidly changing, the tokenization manager will need to make complex business and project decisions that contribute to a high-value strategic initiative,” the bank said.

In this line, HSBC has hinted that the ideal candidate will play a decisive role in the lender’s future product, dubbed GPB&W Digital Assets.

Management of the cryptocurrency strategy

In particular, the job description stated that candidates would have the external role of representing the business to “regulators, customers and the digital asset ecosystem to position HSBC” as a “leader and innovator in pursuing of digital asset strategy”.

At the same time, the candidates selected for Product Manager for Digital Assets will be responsible for conducting the cryptocurrency program.

“The Product Manager for Digital Assets will need to develop strategic frameworks and policies to help make complex business, project and governance decisions. This will include the strategic establishment and day-to-day management of governance forums and committees to effectively and transparently drive the digital asset agenda,” the bank said.

Handling regulators

For both of these positions, HSBC is looking for people who can operate in an ambiguous environment and can navigate the changing regulatory landscape. Notably, the UK is among the global jurisdictions accelerating the push to enact new cryptos. regulations in a context of growing consumer interest.

HSBC now joins other established banking giants like JPMorgan (NYSE: JPM) in offering cryptocurrency products.

Finally, it should be noted that banks that have taken the same path have mainly focused on a set of customers, mainly high net worth account holders. However, with HSBC seeking tokenization, the bank may seek to offer broader services.