Overview

• HSBC will launch its blockchain-based asset custody services in 2024, using technology from Swiss crypto custody firm Metaco. The service will allow storage of tokenized traditional financial assets such as bonds.
• The custody services are an expansion of HSBC's ongoing efforts to embrace digital assets with a focus on non-cryptocurrency blockchain-based assets.
• HSBC's service will complement its HSBC Orion platform for issuing digital assets, including recently launched tokenization offering for physical gold.
• This move comes as HSBC recognises growing demand for custody and fund administration of digital assets from asset managers and asset owners.
• This is a step towards embracing digital assets by HSBC, which has already opened Bitcoin and Ether exchange-traded funds for its clients in Hong Kong.