HSBC Set to Launch Blockchain-Based Asset Custody Services in 2024

Leveraging technology from Swiss crypto custody firm Metaco, HSBC's service aims to respond to increasing demand for digital asset management from institutional clients, focusing on tokenized traditional financial assets.

• HSBC will launch its blockchain-based asset custody services in 2024, using technology from Swiss crypto custody firm Metaco. The service will allow storage of tokenized traditional financial assets such as bonds.
• The custody services are an expansion of HSBC's ongoing efforts to embrace digital assets with a focus on non-cryptocurrency blockchain-based assets.
• HSBC's service will complement its HSBC Orion platform for issuing digital assets, including recently launched tokenization offering for physical gold.
• This move comes as HSBC recognises growing demand for custody and fund administration of digital assets from asset managers and asset owners.
• This is a step towards embracing digital assets by HSBC, which has already opened Bitcoin and Ether exchange-traded funds for its clients in Hong Kong.

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