HSBC Makes Seismic Announcement—Bull Run Imminent?

By Vince • June 26, 2023 12:53 pm • Comments

ProCoin News previously reported that recent developments in Hong Kong appear to be incredibly bullish for the crypto market.

According to several outlets, the Hong Kong—Shanghai Banking Corporation (HSBC) will now offer Bitcoin and Ethereum products to their clients.

The entrance of Hong Kong into the crypto market will likely lead to large injections of capital both from the special economic zone and, potentially, from mainland China.

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As of the time of this writing, customers and clients can only trade cryptos and digital assets listed on the Hong Kong Stock Exchange, though this may change in the future.

Crypto investors and speculators celebrated the move as highly bullish for the crypto market, but we should warn you, this is not investment advice—always do your own research!

Coin Telegraph reports:

According to the report, HSBC will specifically offer cryptocurrency ETFs listed on the Stock Exchange of Hong Kong.

At the time of writing, the exchange lists three crypto ETFs, including CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF and Samsung Bitcoin Futures Active ETF.

CoinDesk claimed that clients of the bank have had this access to these services since December 2022.

“Several crypto news outlets reported Monday that HSBC is giving its customers in Hong Kong access to bitcoin and ether ETFs, but they have in fact been able to trade such products since December.”

 

Bitcoin.Com adds:

HSBC also filed a new crypto-related trademark application (serial no. 98037178) on June 12.

The banking giant’s filing for the word mark “HSBC Innovation Banking” focuses on metaverse banking, consulting, financial services, virtual credit cards, and several services involving non-fungible tokens (NFTs).

In December last year, HSBC filed trademark applications for its name and logo covering a broad range of crypto-related services.

In March, the bank joined the metaverse by partnering with blockchain virtual gaming platform The Sandbox.

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