HSBC, a prominent British financial institution, is set to launch a digital asset custody service for institutional clients investing in tokenized securities.
Teaming up with Metaco, a Swiss-based digital asset custody and DeFi firm owned by Ripple, HSBC will utilize Metaco’s Harmonize platform for this endeavor.
The service, expected to go live in 2024, will complement HSBC Orion, their existing platform for digital asset issuance, and their recent offering for tokenized physical gold.
The move reflects the growing demand for digital asset custody services among asset managers and owners. HSBC aims to provide a secure and scalable custody infrastructure, fostering innovation and collaboration within the industry.
John O’Neill, HSBC’s Global Head of Digital Assets Strategy, emphasized the bank’s commitment to advancing digital asset markets. HSBC’s journey into the cryptocurrency space began in 2021 with a blockchain platform for forex settlements.
In 2022, they entered the metaverse through a partnership with The Sandbox. More recently, in September, HSBC collaborated with FCF Pay to enable cryptocurrency payments for eligible clients, including Dogecoin, Shiba Inu, and XRP, demonstrating their dedication to exploring emerging financial and digital asset trends.
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