HSBC Cuts Ties With Company Planning to Launch a Bitcoin Investment Fund
Mega bank HSBC has reportedly decided to cut ties with a hedge fund that's planning to bring the first regulated bitcoin investment fund over concerns of money laundering, BBC reported Monday. Mr. Daniel Masters of Global Advisors (the hedge fund in question) has said that this situation threatens plans to make the Island of Jersey (where the fund is based) a place where cryptocurrency businesses can flourish, adding that HSBC's decision in the matter is a "step in the wrong direction for Jersey." The fund is called the Global Advisors Bitcoin Investment Fund, or GABI. Meanwhile, HSBC told....
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Global Advisors, a firm based in Jersey that manages the first regulated bitcoin fund, has been served notice by its bank, HSBC. The firm said it received a notice from HSBC indicating that the company's bank account would be closed in 60 days. A meeting with HSBC personnel at the firm's office in Jersey revealed that the bank feared Global Advisors' account was at risk of potential money laundering. "We heard that our risk profile is not really happening for them," said Jean-Marie Mognetti, a partner with the firm. Invested funds unaffected. Mognetti stressed that the HSBC account being....
The British multinational investment bank and financial services holding company, HSBC, has revealed it has partnered with the blockchain virtual gaming platform The Sandbox. According to the platform’s parent company, Animoca Brands, HSBC is the first global financial services provider to enter The Sandbox metaverse. HSBC Steps Into the Metaverse Over the last 12 months, The Sandbox has attracted a great number of businesses and celebrities to the blockchain virtual gaming platform. For instance, The Sandbox has enticed Snoop Dogg, Deadmau5, Atari, The Care Bears, The Smurfs,....
New York City-based Fortress Investment Group, a publicly traded company, is reportedly planning to launch a bitcoin investment fund. It's being reported that the investment vehicle may be an unlisted Exchange Traded Fund (ETF). It appears that there might be some association between Fortress's effort and that of San Francisco-based Pantera Capital. Pantera, which has as clients some Fortress executives, has filed with the Securities and Exchange Commission (SEC) an investment advisor entity called Pantera Bitcoin Advisors, LLC. The filing shows Pantera Capital as the owner of the LLC,....
Once known as a skeptical institution of crypto, HSBC originally announced its first major move into metaverse in mid-March. Global banking giant HSBC Holdings has rolled out its metaverse investment product for wealthy clients in Singapore and Hong Kong, according to multiple media reports.Called Metaverse Discretionary Strategy portfolio, the new product is managed by HSBC’s asset management arm, HSBC Asset Management. The fund aims to provide high net worth professional investors and accredited investor clients with exposure to new investment opportunities in the metaverse....
HSBC has confirmed its bitcoin and cryptocurrency stance as a growing number of major banks are beginning to offer crypto services. CEO Noel Quinn says that HSBC views bitcoin as an asset class rather than a payments vehicle but the bank is not rushing into providing cryptocurrency investments for clients. HSBC Confirms Crypto Stance HSBC CEO Noel Quinn said that the bank “has no plans to launch a cryptocurrency trading desk” or offer cryptocurrencies as investments to customers, Reuters reported Monday. Quinn was quoted as saying: “Given the volatility we are not into....