The large international bank HSBC and the trading company Metaco have partnered to integrate a new solution for securely storing digital assets with Harmonize, the bank’s institutional platform. Ripple is the owner of Metaco.
This solution, which is scheduled to launch in 2024, will complement HSBC Orion, the company’s current digital asset issuance platform.
Furthermore, on November 1, 2023, they will launch a service that allows users to trade actual gold that has been tokenized. The institutional clients of HSBC will have access to a full digital asset solution thanks to these merged services.
To put it another way, in 2024 HSBC will provide their institutional clients with a platform for safely keeping digital assets that they have created in partnership with a software business. They provide a comprehensive package for their institutional clients, as they already offer other services for trading tokenized gold and issuing digital assets.
“We’re seeing increasing demand for custody and fund administration of digital assets from asset managers and asset owners, as this market continues to evolve,” said Zhu Kuang Lee, Chief Digital, Data, and Innovation Officer at HSBC. “HSBC is delivering the next-generation custody infrastructure that will be scalable and secure,” he continued, citing important relationships.
HSBC saw a rising need from asset managers and owners who wanted a safe solution to store and manage their digital assets, so they decided to offer custody services for digital assets. Zhu Kuang Lee, HSBC’s head of digital, analytics, and innovation, was the driving force behind this choice.