HSBC working on custodial service for digital assets… as long as they’re not crypto
HSBC says it plans to launch a custody service for the storage of ‘blockchain-based assets’ – excluding cryptocurrency – next year.
The banking leviathan has partnered with Metaco – a Swiss digital company – to create a ‘vault’ for storing tokens on a blockchain that are linked to traditional financial assets.
The bank launched HSBC Orion – a digital asset platform – last year, which allows financial institutions to issue tokenised securities.
“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,” said HSBC’s chief digital, data and innovation officer Zhu Kuang Lee.