Bitfinex and HSBC bank sign partnership

infoslink (68)in #bitfinex • 6 years ago

Bitfinex currently benefits from the financial services of HSBC, the 7th largest bank in the world. From Noble bank in Puerto Rico via Wells Fargo in the United States and now HSBC London, it seems that the craze of banking and financial institutions related to crypto-industry is in full swing.

HBSC, Bitfinex's first true banking partner

The Hong Kong-based Bitfinex crypto-exchange has signed a partnership agreement with the London-based giant HSBC.

This is not the first time Bitfinex has tried a similar approach.

The crypto-platform would have contracted with the Noble Bank, based in Puerto Rico. But when the banking institution was almost on the brink of bankruptcy she made the decision to cut short their collaboration.

This situation resulted in Bitfinex temporarily terminating its deposit services in Euro (EUR), Japanese Yen (JPY) and British Pound (GBP). Thanks to this new partnership, the crypto-stock market expects to return to a normal situation, within a week.

In 2017, she cooperated with Wells Fargo, the American banking giant. However, the collaboration did not last.

Bitfinex is now banking with HSBC through a private account of Global Trading Solutions. Very good fit if you ask me. It is also worth mentioning that all EUR, JPY and GBP deposits are paused Bitfinex goal "expects the situation to normalize within a week". Banking issues? pic.twitter.com/1pxQ13NO0m
- Larry Cermak (@lawmaster) October 6, 2018

After these few unsuccessful attempts, Bitfinex seems to have found with HSBC a real banking partner that can perfectly meet his needs.

Notable impact on the industry

Bitfinex must set the example, being one of the oldest digital currency exchange offices in the world. Most stock exchanges in major markets such as Japan and South Korea have obtained banking services from financial institutions and commercial banks in their respective countries.

If this partnership continues, Bitfinex will record stability in its operations, which will have a positive impact on the crypto-market.

Bitfinex would have imposed strict regulatory requirements before joining such a significant initiative, in order to prevent money laundering and all crypto-related ills, which could potentially damage its reputation.

What do you think of Bitfinex concluding a banking partnership with HSBC? Share your opinion in the comments below!

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