The crypto industry has been set back again with this move, as the industry is now having trouble finding banking partners, the report stated.
The Reserve Bank of India (RBI) has said it wants companies to stop dealing with businesses that use cryptocurrencies, according to the report.
HSBC said it finds digital currency too volatile and lacking in transparency, according to the report.
Bitcoin has fallen in value by around 50 percent due to Chinese restrictions, the report stated.
CEO Noel Quinn said the company is “not into” bitcoin as an asset class, saying “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,” according to the report. He also said the company isn’t planning work with stablecoins.
Meanwhile, Solidus Labs announced it has raised $20 million in a funding round, which will help expand the company’s vision of safe crypto markets and financial risk monitoring, according to a company blog post.
The new funding will go toward an expansion of Solidus’ research and development teams in Tel Aviv and London, supporting a 400 percent increase in demand for the company’s work since the start of 2020, the release stated.
Chia President Gene Hoffman said per Bloomberg that the company wants “to make digital currency easier to use than cash.”
His goal is to make his company one that can help crypto become a payment type used by governments and banks, among other institutions, according to the report.