Home Business NewsBusiness HSBC boss: ‘We have no plans to launch a crypto desk’

HSBC boss: ‘We have no plans to launch a crypto desk’

by LLB Editor
24th May 21 11:24 am

HSBC’s CEO Noel Quinn has said that the bank has no plans to launch a cryptocurrency trading desk or offer the digital coins as an investment to customers.

Noel Quinn told Reuters: “Given the volatility we are not into Bitcoin as an asset class, if our clients want to be there then of course they are, but we are not promoting it as an asset class within our wealth management business,” Quinn said.

“For similar reasons we’re not rushing into stablecoins,” he said.

He also said that the bank wants to avoid the volatility associated with typical cryptocurrencies by pegging their value to assets such as the U.S. dollar.

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