HSBC selects Metaco as tokenized securities platform


Traditional bank HSBC has announced a partnership with a company owned by Ripple to launch its latest blockchain project to serve institutional clients with on-chain custody of real-world assets (RWA).

According to a statement on November 8, HSBC plans to launch digital asset custody services for tokenized financial instruments sometime in 2024. Metaco is a Swiss company specializing in protecting crypto assets. named HSBC’s partner for new products. Ripple acquired Metaco in May 2023 for $250 million.

The bank said the offering will complement a 360-degree platform, along with its digital asset issuance services and physical gold tokenization products, giving eligible investors better access to RWA and traditional investment tools on blockchain networks .

HSBC stressed that its digital asset custody service will not cater to crypto tokens or stablecoins until further notice.

HSBC Securities Services executive Zhu Kuang Lee said the bank has been negotiating key partnerships to deliver next-generation custody infrastructure at scale.

As this market continues to evolve, we are seeing growing demand for digital asset custody and fund management from asset managers and asset owners… This is an important time for asset servicers to innovate, collaborate and create change.

Zhu Kuang Lee, Chief Digital, Data and Innovation Officer, Securities Services, HSBC

As investors seek modern ways to deploy and protect capital, some banks have dabbled in blockchain applications for business purposes. JPMorgan Chase reportedly facilitates $1 billion in daily transactions through its JPM Coin payments channel, global payments chief Takis Georgakopoulos told Bloomberg in September 2023.

Deutsche Bank also disclosed plans for digital asset tokenization services and custody products. The bank partnered with fintech company Taurus for the development, which comes at a time when RWAs on the blockchain have experienced growth, climbing to nearly $1 billion in market capitalization each. Coingeco.

In other HSBC-related news, the bank is embarking on a revamp of London’s outdated gold market infrastructure. HSBC also launched Bitcoin and Ethereum ETFs for traders in Hong Kong, shortly after local authorities pushed banks to accept cryptocurrency customers.

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