HSBC has invested in blockchain analytics firm Elliptic, marking the fourth global systemically important bank to back the company following previous funding from JPMorgan, Santander and Wells Fargo. Investment terms were not disclosed.
While the bank has heavily leaned into blockchain and tokenization, amongst large banks, HSBC has been one of the most crypto skeptical. The move comes amid speculation that HSBC has applied to become a stablecoin issuer in Hong Kong.
“With the rapid evolution of digital assets and currencies, mitigating financial crime risks has never been more important,” said HSBC’s Richard May. “Elliptic’s solution provides HSBC with greater transparency, helping to meet rising regulatory expectations and industry standards.”
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