HSBC Bank in Partnership with Crypto Safekeeping Fireblocks

Banks are in panic. And nobody wants to be left behind with the crypto domination. Ever since China, Russia and the banks in the Asia started making use of the crypto and blockchain, the banks around the world started a panic.

Now nobody wants to say the crypto is a fake money. Instead these banks are investing into the top chains like Ethereum and the Bitcoin. They are buying bitcoin as if it is a real money. Which is something they wanted to use and manipulate like the paper money, gold and silver.

Now the banks are in the process of making use of the crypto tech to embed all the world of thiers like ledgers and the multi party tech into their everyday work. And they seem to be doing the partnership with the crypto firms.

So the news of HSBC partnering with the Fireblocks came out, let's discuss the result of the same.

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Image Credit: Nightcafe Studio

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Banks and Crypto Safekeeping

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Banks are into the holding the important asset and they make use of the variety of the local and the web based safe keeping. And the safe keeping within their control is handled by the people in house. But there are scenarios of the crypto safekeeping.

Which means the banks are into the NFT and other digital assets too. And they are going to hire the companies which are into the crypto and assets in digital safekeeping. We have to plan and think about the crypto assets which can make this more secure for the bank customers.

Multi Party Computations for Banking Crypto

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Imagine you have multiple employees working for you. And none of them want to reveal their salary to the people working for the bank. And they seem to be making the clarity based on the premise that this would help keep the data private but give information that can help make decisions.

This approach is known as the multi party solutions if two or more pariies agree to this type of the scenario. And this means there would be some of the companies offering such type of the offerings and these can be proven to use by companies like fireblocks.

HSBC meets Fireblocks

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HSBC being one of the largest bank in the world, you can see they must be in the need of the service that handles the crypto safekeeping and the multi party compution use cases. Which is kind of expected for the HSBC and variety of other banks too.

In order to grow your crypto footprint, these banks and the 3rd party companies have to do a lot of efforts to be relevant and usable in the cypto solution.

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HSBC is a good company pushign the crypto adoption. Though such partnership and the actions would make banks more stronger than the DeFi, we as a decentralized community have to find more DeFi solutions instead to counter this.

Posted Using LeoFinance Alpha