London-based HSBC Holdings, one of the world’s biggest and Europe’s second largest bank, has no plans to offer Bitcoin or crypto products to its clients, a report on news outlet Reuters said today.
“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,” said chief executive Noel Quinn.
Bitcoin not for us
The comments come as banks like JPMorgan, Goldman Sachs, and DBS (Singapore) roll out their own crypto offerings for clients interested in the sector as well as native products. DBS, for one, launched its own crypto exchange last year, while Goldman is said to be exploring a crypto-centric ETF.
However, HSBC’s sitting out for now: “I view Bitcoin as more of an asset class than a payments vehicle, with very difficult questions about how to value it on the balance sheet of clients because it is so volatile,” said Quinn in co
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