Last Updated on November 9, 2023 by Bitfinsider
The software company Metaco, owned by Ripple, and HSBC have teamed up to integrate Harmonize, HSBC’s institutional platform, with the bank’s new digital asset custody service, the company said on November 8.
In 2024, the bank plans to introduce a new digital asset custody service to supplement its HSBC Orion digital asset issuance platform and its tokenized physical gold offering, which was introduced on November 1, 2023. According to the company, when combined, the services provide institutional clients of HSBC with a comprehensive digital asset offering.
HSBC, a well-known international bank, intends to introduce an institutional custody platform for security tokens, or tokenized securities.
“These services underscore HSBC’s commitment to the overall development of digital asset markets,” stated John O’Neill, the company’s worldwide head of digital assets strategy.
According to Zhu Kuang Lee, HSBC’s head of digital, data, and innovation, the bank’s ambitions to introduce digital asset custody were prompted by the growing demand from asset managers and asset owners for custody and fund administration of digital assets. Asset servicers have never experienced a “more important time to innovate,” according to Lee, who emphasized that “this market continues to evolve.”
The planned digital asset custody platform for institutional investors will only cover security tokens; stablecoins like Tether and cryptocurrencies like Bitcoin will not be included, an HSBC representative emphasized in a statement. Tokenized securities, as opposed to pure cryptocurrencies, are digital representations of securities that are issued and transferred on the blockchain.
For some time now, HSBC has been looking for expertise for its tokenized security business. As previously mentioned, in February 2022, HSBC was seeking a candidate with experience in digital assets, namely in the areas of asset tokenization and custody.
HSBC is hardly the first business to enter the blockchain and cryptocurrency space with its move into tokenized securities. Together with Ant Group, a significant Chinese financial services provider, HSBC successfully tested tokenized deposits on November 1.
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