REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Nov 8 (Reuters) - HSBC (HSBA.L) plans to launch in 2024 a custody service for storing blockchain-based assets excluding cryptocurrency, the bank said on Wednesday.
The service, which is a partnership with Swiss digital asset firm Metaco, will allow institutional clients to store blockchain-based tokens representing traditional financial assets, as opposed to crypto or stablecoins, HSBC said.
The bank last year launched a digital asset platform, HSBC Orion, which allows financial institutions to issue blockchain-based versions of financial assets, also known as tokenised securities.
HSBC did not give a figure for the size of the market for blockchain-based assets excluding cryptocurrencies.
In 2019, HSBC announced a platform called Digital Vault, which allows investors to access digital records of securities bought on private markets.
Persons:
Dado Ruvic, Zhu Kuang Lee, Banks, Elizabeth Howcroft, Sinead Cruise, Mark Potter
Organizations:
HSBC Bank, REUTERS, HSBC, cryptocurrency, Swiss, HSBC Orion, Blockchain, blockchain, Thomson
Locations:
London