HSBC To Partner With Ripple's Metaco For A Tokenized Securities Custody Service
Portfolio Pulse from Khyathi Dalal
HSBC Holdings is planning to launch an institutional-grade custody service for tokenized securities in partnership with Metaco, a Ripple Labs-owned technology firm. The service, which will use Metaco’s Harmonize solution, is expected to go live in 2024. This move complements HSBC’s platform for digital assets issuance, HSBC Orion, and its system to issue tokenized gold. Other banks like Citigroup and Deutsche Bank are also exploring digital asset custody and tokenization services.
November 08, 2023 | 4:00 pm
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HSBC is partnering with Metaco to launch a custody service for tokenized securities. This move aligns with HSBC's digital assets issuance platform and its system to issue tokenized gold.
HSBC's move to launch a custody service for tokenized securities in partnership with Metaco indicates its strategic focus on digital assets. This could potentially attract more institutional clients interested in digital assets, thereby potentially boosting HSBC's revenues and profitability in the long run. Hence, this news is likely to have a positive impact on HSBC's stock in the short term.
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