HSBC steers clear of Bitcoin due to “volatility”

An HSBC sign.

HSBC has confirmed it has no interest in getting involved with Bitcoin.

The bank has no plans to offer the cryptocurrency to clients due to its volatility and lack of transparency, according to HSBC chief executive Noel Quinn.

He said: “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.

“I view bitcoin as...

Commerzbank completes successful blockchain-based payment test

Carsten Bittner, Divisional Board Member responsible for Technology Foundations at Commerzbank.

Germany-based Commerzbank has successfully completed a supply chain blockchain project along with chemicals firms, Evonik and BASF.

Together the companies tested a shared blockchain platform to efficiently handle bilateral supply chain processes between companies in a live environment. 

During the pilot, payments between Evonik and BASF were checked, paid and booked in a fully automated and digital manner by means of a programmed payment...

Visa partners with neobank First Boulevard for new crypto API initiative

Visa has chosen First Boulevard, a neobank with a focus on financially empowering the Black American community, as a partner for its new crypto API program anticipated to launch later this year.

First Boulevard will be the first to pilot Visa’s suite of crypto APIs which will allow the neobank’s customers to purchase, hold, and trade digital assets held by Anchorage, a federally chartered digital asset bank.

For Visa, this marks an important step in expanding the...