Banking giant HSBC is set to introduce digital asset custody services for tokenized securities such as bonds on the blockchain. The bank expects to go live with the service in 2024.
The service is geared toward institutional investors and will continue expanding the lender’s offerings in the digital asset realm. The move comes just a week after the bank launched a blockchain platform that enabled the ownership of tokenized gold.
HSBC’s upcoming capability aims to provide a secure storage solution for tokenized securities, including bonds and other financial products issued on third-party platforms.
However, it’s worth noting that the custody services will not encompass cryptocurrencies or stablecoins. According to media reports, HSBC maintains a cautious stance toward crypto asset custody beyond tokenized securities, as these assets remain largely unregulated.
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HSBC has partnered with Ripple Labs subsidiary Metaco to facilitate the new venture. Metaco is a cu
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