According to CoinDesk, London-based HSBC is working with cryptocurrency custody technology company Fireblocks. Fireblocks focuses on cryptocurrency custody technologies such as multi-party computing (MPC) and has extensive experience in working with large banks. In early 2021, Fireblocks became the custody technology provider for Bank of New York Mellon and partnered with BNP Paribas.
Although HSBC's Hong Kong branch allows customers to trade Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds, the bank has remained cautious about cryptocurrencies in public. In July, HSBC's Hong Kong subsidiary Hang Seng Bank said that while licensed crypto companies can open bank accounts, they can only get "simple" accounts.
