Crypto Exchange Bitfinex Taps HSBC For Banking Services

October 8, 2018

 

Earlier this week, as originally reported by Bloomberg, Puerto Rico’s Noble Bank was found to be on the verge of collapse, with sources claiming that the financial institution was looking to be bought out. So why is this news pertinent to the crypto space? You may ask. Well, as you are likely unaware of, Bitfinex and Tether were customers of Noble Bank, so the fact that the institution is on the brink of bankruptcy resulted in the two crypto startups dropping their relationship with the Puerto Rican firm. As this news broke, Bitfinex revealed to its clients that it would be halting its Euro, Japanese Euro, and Great British Pound, deposit services, which was likely not a coincidence. Extrapolating the fact that Noble Bank’s unfortunate demise was tied to Bitfinex’s temporary shutdown of deposits, the exchange’s organization would evidently want to seek another banking partner.Larry Cermak, a prominent analyst for crypto publications The Block and Diar, took to Twitter on Saturday morning to reveal that Bitfinex, a heavily-used crypto exchange incorporated in Hong Kong, had already built a relationship with HSBC, the 7th largest bank in the world, in a short period of time.

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