{"id":7851,"date":"2018-07-22T12:32:27","date_gmt":"2018-07-22T12:32:27","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=7851"},"modified":"2018-07-23T12:01:27","modified_gmt":"2018-07-23T12:01:27","slug":"hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\/","title":{"rendered":"HSBC Favors Blockchain Technology, But Prefers To Stay Away From Cryptos"},"content":{"rendered":"

\"HSBC\"Banks consider cryptocurrencies as their direct competitor and invaders into their sphere of operations. Therefore, banks and even some financial institutions are averse to the idea of handling cryptocurrencies as a part of their business. However, the situation is slowly changing as big banks such as Goldman Sachs are already setting up a trading desk with an understanding of the growing relevance of blockchain technology in solving numerous real-world issues.<\/p>\n

The latest bank to seriously look at blockchain and cryptocurrencies is HSBC.<\/a> However, the bank\u2019s Global Head of Digital revealed July 19 that HSBC is extremely \u2018cautious\u2019 while dealing with cryptocurrencies due to the latter\u2019s volatile nature.<\/p>\n

The cautious approach was reiterated by Josh Bottomley, HSBC\u2019s digital strategy for retail <\/a>and asset management departments. The former managing director of LexisNexis stated that the bank is hesitant in dealing with cryptocurrencies such as Bitcoin due to the lack of real-world use cases and unforeseeable nature.<\/p>\n

In this regard, former Global Head of Display at Google has explained that the growth of ICOs clearly indicates there is a real requirement for utility tokens built specifically to improve operations of firms providing digital services.<\/p>\n

Bottomley<\/strong> stated<\/p>\n

\u201dThere\u2019s a use case when you have a token or currency that\u2019s useful for a particular purpose and it serves that need. But that is very different to if it\u2019s pure speculation.\u201d<\/p><\/blockquote>\n

The top executive at the world\u2019s seventh largest bank did state that Bitcoin and cryptocurrencies is not their cup of tea as of now. However, he did hint the possibility of dealing with digital currencies in the near future.<\/p>\n

Bottomley<\/strong> said<\/p>\n

\u201cWe don\u2019t broadly believe that\u2019s the case now [crypto integration], but it might change.\u201d<\/p><\/blockquote>\n

HSBC is ready to wait for the situation to turn conducive to deal with Bitcoin. However, this has not stopped the financial institution from looking at distributed ledger technology (DLT).<\/p>\n

Earlier in May, HSBC Holdings successfully completed its first scalable financial transaction powered by DLT. The disruptive technology is now available for extensive use in the trade finance industry. To advance this blockchain initiative, HSBC is collaborating with the banking regulator in Hong Kong and other top banks such as Standard Chartered PLC to unveil a DLT-based trade finance system in September.<\/p>\n","protected":false},"excerpt":{"rendered":"

Banks consider cryptocurrencies as their direct competitor and invaders into their sphere of operations. Therefore, banks and even some financial institutions are averse to the idea of handling cryptocurrencies as a part of their business. However, the situation is slowly changing as big banks such as Goldman Sachs are already setting up a trading desk […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69,68,5],"tags":[],"class_list":["post-7851","post","type-post","status-publish","format-standard","hentry","category-bitcoin","category-cryptocurrency","category-uk"],"yoast_head":"\nHSBC Favors Blockchain Technology, But Prefers To Stay Away From Cryptos<\/title>\n<meta name=\"description\" content=\"HSBC stated that it is extremely \u2018cautious\u2019 while dealing with cryptocurrencies due to the latter\u2019s volatile nature.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legitgambling.com\/news\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HSBC Favors Blockchain Technology, But Prefers To Stay Away From Cryptos\" \/>\n<meta property=\"og:description\" content=\"HSBC stated that it is extremely \u2018cautious\u2019 while dealing with cryptocurrencies due to the latter\u2019s volatile nature.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legitgambling.com\/news\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-07-22T12:32:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-07-23T12:01:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2018\/07\/hsbc.jpg\" \/>\n<meta name=\"author\" content=\"Cameron Bishop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cameron Bishop\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\\\/\"},\"author\":{\"name\":\"Cameron Bishop\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#\\\/schema\\\/person\\\/0e2e077765174748afc2362c890e3f91\"},\"headline\":\"HSBC Favors Blockchain Technology, But Prefers To Stay Away From Cryptos\",\"datePublished\":\"2018-07-22T12:32:27+00:00\",\"dateModified\":\"2018-07-23T12:01:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\\\/\"},\"wordCount\":391,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/wp-content\\\/uploads\\\/2018\\\/07\\\/hsbc.jpg\",\"articleSection\":[\"Bitcoin\",\"Cryptocurrency\",\"UK\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\\\/\",\"url\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\\\/\",\"name\":\"HSBC Favors Blockchain Technology, But Prefers To Stay Away From Cryptos\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/wp-content\\\/uploads\\\/2018\\\/07\\\/hsbc.jpg\",\"datePublished\":\"2018-07-22T12:32:27+00:00\",\"dateModified\":\"2018-07-23T12:01:27+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#\\\/schema\\\/person\\\/0e2e077765174748afc2362c890e3f91\"},\"description\":\"HSBC stated that it is extremely \u2018cautious\u2019 while dealing with cryptocurrencies due to the latter\u2019s volatile nature.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/wp-content\\\/uploads\\\/2018\\\/07\\\/hsbc.jpg\",\"contentUrl\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/wp-content\\\/uploads\\\/2018\\\/07\\\/hsbc.jpg\",\"width\":380,\"height\":250,\"caption\":\"HSBC\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/\",\"name\":\"\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#\\\/schema\\\/person\\\/0e2e077765174748afc2362c890e3f91\",\"name\":\"Cameron Bishop\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f635e871248df28d6828ec38af2b48c04796e65e714639cfa0c2d3d1c91b0bc7?s=96&d=monsterid&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f635e871248df28d6828ec38af2b48c04796e65e714639cfa0c2d3d1c91b0bc7?s=96&d=monsterid&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f635e871248df28d6828ec38af2b48c04796e65e714639cfa0c2d3d1c91b0bc7?s=96&d=monsterid&r=g\",\"caption\":\"Cameron Bishop\"},\"description\":\"Cameron works tirelessly behind the scenes ensuring his many US news stories are factual, informative and brought to you in a timely fashion before most other media outlets have them. He is an investigative journalist at heart who also has a fond interest in the money and business markets too.\",\"url\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/author\\\/cameron-bishop\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"HSBC Favors Blockchain Technology, But Prefers To Stay Away From Cryptos","description":"HSBC stated that it is extremely \u2018cautious\u2019 while dealing with cryptocurrencies due to the latter\u2019s volatile nature.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.legitgambling.com\/news\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\/","og_locale":"en_US","og_type":"article","og_title":"HSBC Favors Blockchain Technology, But Prefers To Stay Away From Cryptos","og_description":"HSBC stated that it is extremely \u2018cautious\u2019 while dealing with cryptocurrencies due to the latter\u2019s volatile nature.","og_url":"https:\/\/www.legitgambling.com\/news\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\/","article_published_time":"2018-07-22T12:32:27+00:00","article_modified_time":"2018-07-23T12:01:27+00:00","og_image":[{"url":"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2018\/07\/hsbc.jpg","type":"","width":"","height":""}],"author":"Cameron Bishop","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Cameron Bishop","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.legitgambling.com\/news\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\/#article","isPartOf":{"@id":"https:\/\/www.legitgambling.com\/news\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\/"},"author":{"name":"Cameron Bishop","@id":"https:\/\/www.legitgambling.com\/news\/#\/schema\/person\/0e2e077765174748afc2362c890e3f91"},"headline":"HSBC Favors Blockchain Technology, But Prefers To Stay Away From Cryptos","datePublished":"2018-07-22T12:32:27+00:00","dateModified":"2018-07-23T12:01:27+00:00","mainEntityOfPage":{"@id":"https:\/\/www.legitgambling.com\/news\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\/"},"wordCount":391,"commentCount":0,"image":{"@id":"https:\/\/www.legitgambling.com\/news\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\/#primaryimage"},"thumbnailUrl":"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2018\/07\/hsbc.jpg","articleSection":["Bitcoin","Cryptocurrency","UK"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.legitgambling.com\/news\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.legitgambling.com\/news\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\/","url":"https:\/\/www.legitgambling.com\/news\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\/","name":"HSBC Favors Blockchain Technology, But Prefers To Stay Away From Cryptos","isPartOf":{"@id":"https:\/\/www.legitgambling.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.legitgambling.com\/news\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\/#primaryimage"},"image":{"@id":"https:\/\/www.legitgambling.com\/news\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\/#primaryimage"},"thumbnailUrl":"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2018\/07\/hsbc.jpg","datePublished":"2018-07-22T12:32:27+00:00","dateModified":"2018-07-23T12:01:27+00:00","author":{"@id":"https:\/\/www.legitgambling.com\/news\/#\/schema\/person\/0e2e077765174748afc2362c890e3f91"},"description":"HSBC stated that it is extremely \u2018cautious\u2019 while dealing with cryptocurrencies due to the latter\u2019s volatile nature.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.legitgambling.com\/news\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.legitgambling.com\/news\/hsbc-favors-blockchain-technology-but-prefers-to-stay-away-from-cryptos\/#primaryimage","url":"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2018\/07\/hsbc.jpg","contentUrl":"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2018\/07\/hsbc.jpg","width":380,"height":250,"caption":"HSBC"},{"@type":"WebSite","@id":"https:\/\/www.legitgambling.com\/news\/#website","url":"https:\/\/www.legitgambling.com\/news\/","name":"","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.legitgambling.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.legitgambling.com\/news\/#\/schema\/person\/0e2e077765174748afc2362c890e3f91","name":"Cameron Bishop","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/f635e871248df28d6828ec38af2b48c04796e65e714639cfa0c2d3d1c91b0bc7?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/f635e871248df28d6828ec38af2b48c04796e65e714639cfa0c2d3d1c91b0bc7?s=96&d=monsterid&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f635e871248df28d6828ec38af2b48c04796e65e714639cfa0c2d3d1c91b0bc7?s=96&d=monsterid&r=g","caption":"Cameron Bishop"},"description":"Cameron works tirelessly behind the scenes ensuring his many US news stories are factual, informative and brought to you in a timely fashion before most other media outlets have them. He is an investigative journalist at heart who also has a fond interest in the money and business markets too.","url":"https:\/\/www.legitgambling.com\/news\/author\/cameron-bishop\/"}]}},"_links":{"self":[{"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/posts\/7851","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/comments?post=7851"}],"version-history":[{"count":0,"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/posts\/7851\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/media?parent=7851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/categories?post=7851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/tags?post=7851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}