HSBC, one of the UK’s leading banks, bypassed BTC and ETH and announced plans to offer custody services in 2024 with Metaco, the technology company owned by Ripple Labs. With this collaboration, HSBC aims to offer institutional customers custody services for tokenized securities such as digital assets. Swiss-based Ripple company Metaco will help keep HSBC customers’ assets safe.
HSBC Orion completed
HSBC stated that with this collaboration, it has completed “HSBC Orion”, a digital asset issuance platform, and its tokenized physical gold service, which started on November 1, 2023. The bank plans to start custody services for corporate customers in 2024. However, HSBC emphasized that its custody services currently cover “tokenized securities” and do not include cryptocurrencies or stablecoins.
Evolution of digital asset markets
John O’Neill, HSBC’s head of global digital asset strategy, said these services reflect HSBC’s commitment to the development of digital asset markets.
Ripple purchased Metaco in 2022 for $ 250 million. Ripple also announced that it estimates that the institutional crypto custody market could reach almost $10 trillion by 2030.
This move by HSBC shows that traditional financial institutions are increasing their interest in digital asset custody services and institutional acceptance of the crypto market is growing rapidly. This collaboration shows that the world of digital assets will continue to attract more financial institutions.
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