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London-headquartered banking giant, HSBC Holdings (NYSE:HSBC) has reportedly partnered with crypto custody technology business, Fireblocks to expand into the digital asset space, according to CoinDesk.
The outlet has shared the developments, citing sources familiar with the situation. However, neither HSBC nor Fireblock have commented on the news.
The report of the partnership comes on the heels of numerous regulatory uncertainties surrounding the U.S. crypto sector. This however seems to have given an edge to European and Asian financial institutions over their American peers.
In June, HSBC launched Bitcoin and Ethereum ETFs to consumers at its Hong Kong office. In July, HSBC-owned Hang Seng Bank announced that licensed crypto firms can create a simple bank account with them. It clearly indicates that while remaining cautious, the bank is interested in exploring the crypto space.
Read More: HSBC Jumps On The Crypto Train, Unleashes Bitcoin And Ethereum ETFs
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Founded in 2018, Fireblocks has its own non-custodial wallet-as-a-service dedicated to companies and institutions. Through its multi-party computation technology, it not only meets the bank’s crypto fund management needs but also provides institutional levels of service.
The company boasts the creation of more than 130 million wallets and more than $4 trillion worth of transactions secured. It has managed to record more than $100 million in revenue in subscriptions this year as interest in the crypto space peaks to new heights.
Fireblocks has also been the provider of crypto custody instruments for the Bank of New York Mellon (NYSE:BK) and BNP Paribas (OTC:BNPQY) since early 2021.
Financial Outlook Strong
The banking giant saw significant growth in its recent H1 revenue, led by higher net interest income (NII) across global businesses. HSBC also raised its outlook for 2023 NII to above $35 billion (compared to $34 billion estimated earlier). It sees Return on Tangible Equity in the mid-teens for 2023 and 2024 compared to at least 12% for 2023 onwards.
Price Action: Shares of HSBC were up 1.69% closing at $38.54 on Wednesday.
Read More: HSBC H1 Profit Rockets, Raises NII Outlook, Plans Another $2B Buyback
What does it mean to partner with a Crypto technology company, find out! Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event - Future of Digital Assets. Tickets are flying- get yours!
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