Why Is This Banking Giant Suddenly Venturing Into Crypto?

After advertising major job positions in the cryptocurrency industry, United Kingdom’s top bank HSBC has hinted it plans to enter the growing digital asset sector in the coming future. According to advertisements for open positions that were published recently, the leading financial institution is particularly interested in recruiting a Product Director to oversee “tokenization” use cases and Web3.

HSBC’s Crypto Job Openings

While detailing the new position, HSBC states that the concerned individual would require to report to the Global Head of Digital Assets and Head of HSBC Open, thus highlighting the fact that the role is a senior position in the banking conglomerate. The bank claims that the positions have become necessary due to the rapidly changing nature of the cryptocurrency industry and the involved risk appetite.

HSBC was quoted as saying:

The Head of Tokenisation will be required to make complex business and project decisions, that contribute to a high value, strategic initiative.

The applicants would have the external responsibility of representing the corporation to “regulators, clients, and the digital assets ecosystem to position HSBC” as a pioneer and innovator in the continuation of the digital assets initiative, according to the job description. Furthermore, the potential candidate needs to envision, design and implement a global tokenization proposition that is commercially meaningful bearing in mind HSBC’s scale. Concurrently, those who are successful in their applications for the position of Product Manager for digital assets will be accountable for advancing the agenda for cryptocurrencies.

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Crypto’s Growing Influence

“The Product Manager for Digital Assets will be required to build strategic frameworks and policies to help drive complex business, project and governance decisions. This will include the strategic creation and day-to-day management of governance forums and committees to efficiently and transparently drive the digital assets agenda,” the financial giant said.

HSBC is seeking candidates for these positions who are willing to perform in a dynamic regulatory environment and have the ability to work in challenging circumstances. Interestingly, the United Kingdom, which will be the job location —  is one of the international jurisdictions stepping up its efforts to establish new cryptocurrency legislation in light of rising consumer interest.

HSBC follows in the footsteps of other well-established banking giants such as JPMorgan in offering products related to blockchain and cryptocurrency. But, where other banking heavyweights mostly cater to providing custodian facilities or trading for elite individuals, HSBC’s stance on “tokenization” may be on a different route altogether.

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