Marketnode Closes Series A Funding Round Led by HSBC

Marketnode, a pioneering digital asset infrastructure firm, has closed its Series A funding round, with banking giant HSBC leading the investment. As reported by The Block, this significant financial backing is set to bolster Marketnode’s efforts to expand its market infrastructure for digital asset classes and spearhead the development of a multi-asset ecosystem, starting in the Asia Pacific region.

Marketnode to Broaden its Service Offerings with Funds

Aside from HSBC, Marketnode’s existing shareholder Temasek also participated in the funding round, although the exact amount of the funds wasn’t disclosed. 

Marketnode plans to leverage this funding to enhance its technological capabilities and broaden its service offerings, establishing a robust infrastructure that can support a wide range of digital asset classes, including cryptocurrencies, tokenized securities, and other blockchain-based financial instruments.

Additionally, Marketnode’s collaboration with HSBC will help boost the launch of Fundnode, Marketnode’s investment fund infrastructure powered by distributed ledger technology (DLT) and future offerings of tokenized assets. 

HSBC Taking Targeted Bets in the Metaverse

Investing in the digital currency ecosystem comes with intricacies, in which individual investors try to take risks. When it comes to big and established organizations, the narrative changes as they must balance exposing their clients to innovations based on popular demand and protecting them from the still-volatile ecosystem.  

Recall that the British multinational investment bank launched a new fund in 2022 to serve its ultra-rich clients in Singapore and Hong Kong as it extends its foothold in the growing cryptocurrency ecosystem. The product launched is one of HSBC’s most creative ways to extend value to all its customers with experienced investors venturing into related investment first. 

HSBC has been testing the waters with targeted investments in the digital currency ecosystem including buying a virtual LAND in The Sandbox metaverse to offer educational finance games. Also, the company has started taking active bets on startups offering services in the space and was among the investors that funded ConsenSys when it raised $200 million in 2021.

Singapore: a Choice Destination for Crypto Service Providers

Although the Singaporean regulator has announced plans to toughen its crypto regulation to provide investors with the greatest level of security, its solid regulatory clarity has made the nation a choice destination for crypto service providers. The regulator says it will strengthen existing regulations by implementing customer suitability assessment. 

Recall that Crypto.com received in-principle approval from MAS to provide payment services in the country. Also, it entered into the Cyprus and Italy market.