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HSBC To Launch Custody Services For Digital Assets With Metaco

Published 11/09/2023, 12:22 AM
Updated 11/09/2023, 12:45 AM
HSBC To Launch Custody Services For Digital Assets With Metaco
HSBC
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  • HSBC is planning to launch custody services for digital assets to institutional clients.
  • The banking giant is partnering with the Ripple-owned DeFi firm Metaco.
  • HSBC’s new services will complement the company’s digital asset issuance platform, HSBC Orion.

On November 8, Bloomberg reported that HSBC Holdings Plc intends to provide custody services for digital assets like tokenized securities to its institutional clients, in collaboration with Metaco, a Swiss-based institutional digital asset custody, trading and DeFi firm owned by Ripple Labs.

According to Reuters, the bank stated that these services will become operational in 2024. In a statement, Zhu Kuang Lee, HSBC’s Chief Digital, Data, and Innovation Officer said,

We’re seeing increasing demand for custody and fund administration of digital assets from asset managers and asset owners, as this market continues to evolve.

This offering will serve as a complement to HSBC’s digital asset issuance platform, known as HSBC Orion, and the bank’s system for tokenized gold issuance, which was introduced just last week. The latter utilizes distributed ledger technology to symbolize ownership of physical go…

The post HSBC To Launch Custody Services For Digital Assets With Metaco appeared first on Coin Edition.

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