HSBC chief executive Noel Quinn reiterated the bank’s stance on cryptocurrencies, noting that it was more negative on the digital asset class than other competitors.
Despite the growing number of new entrants into the crypto industry, HSBC maintains its reluctance and has reiterated that it has no related business plan.
“As a bank, we don’t get into the world of crypto, crypto trading, crypto exchanges,” said HSBC chief executive Noel Quinn in a TV interview with “CNBC” Last week.
According to Quinn, the bank was particularly unsupportive of cryptocurrencies due to high volatility and concerns about customer suitability.
“As a product, I questioned its relevance to many consumers in the market today. This is why HSBC is more negative on crypto than other banks,” he said, but reserved judgment on the end result. “I worry about the sustainability of crypto valuations and have for a while. I’m not going to predict where it will go in the future.”
Meanwhile, an increasing number of banks and asset managers are entering the crypto industry in various forms, including Goldman Sachs, Blackrock, DBS, Julius Baer, LGT and more.