- HSBC teams up with Ripple Labs-owned Metaco for a tokenized securities custodial service.
- The service set to launch in 2024 will be aimed at institutional clients.
HSBC, one of the world’s leading financial institutions, has unveiled its plans to enter the rapidly growing digital asset market. In a strategic move, the bank is set to offer a comprehensive custody service for digital assets, including tokenized securities. This new venture is being developed in collaboration with the Swiss crypto safekeeping specialist Metaco, a technology firm owned by Ripple Labs.
In an announcement on November 8, HSBC confirmed that it aims to launch this custody service in 2024. This strategic move is part of HSBC’s broader efforts to establish a strong presence in the evolving landscape of digital finance.
The custody service will work in synergy with their existing platform, HSBC Orion, which is designed for the issuance of digital assets. Additionally, the bank recently introduced a service for tokenized physical gold. By combining these offerings, HSBC is poised to provide institutional clients with a full range of digital asset solutions.
