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Banking giant HSBC is working with crypto custody firm Fireblocks

Fireblocks is an ‘all-in-one’ digital asset platform which has already secured over $4 trillion in transactions.

London-based HSBC bank is working alongside crypto custody firm Fireblocks, according to CoinDesk, citing two sources familiar with the situation. 

Fireblocks is a leading blockchain security service provider that’s used for moving, storing, and issuing digital assets. It markets itself as the SWIFT of the digital asset world.

The company has secured over $4 trillion in transactions and is trusted by huge financial names including VanEck, Worldpay, Moonpay, Revoult and more. Fireblocks enables clients to create MPC wallets at scale; to mint, hold and transfer tokens and NFTs; to deploy smart contracts, and more. 

It’s unclear at this stage what exactly HSBC has in the pipeline with Fireblocks, but the news is likely to spur positive sentiment. 

A glimmer of hope after the 2023 banking crisis?

Regulatory hostility in the US fuelled a banking crisis earlier this year, with some touting it the biggest crisis since 2008.

Read more: Silicon Valley Bank collapses, marking the biggest bank failure since 2008 crisis

Huge crypto-friendly banks including Silvergate Bank, Silicon Valley Bank and Signature Bank all collapsed within days of each other, driving many banks to avoid partnering with crypto companies. 

This made it particularly challenging for platforms like Binance.US to secure fiat on and off ramps for its US customers – though the issue is now resolved

HSBC is one of the largest banks in the world, with nearly $3 trillion assets under management. Fireblocks is no stranger to big banking partners, having already partnered with New York-based corporate investment bank BNY Mellon.

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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