HSBC’s Gold Token Goes Live for Retail Investors in Hong Kong
Gold | 2024-03-27 12:52:41
Banks and financial institutions are bringing a range of real-world assets (RWA) onto blockchains, both private ledgers and public networks like Ethereum, in a process known as tokenization.
By Paul Ploumis
SEATTLE (Scrap Monster): Financial powerhouse HSBC (HSBA) is tokenizing gold for everyday investors in Hong Kong and claiming bragging rights as the first bank to create a blockchain-based real-world asset aimed at the retail marketplace.
The HSBC Gold Token, minted on the bank’s Orion digital assets platform, is available via HSBC Online Banking and HSBC HK Mobile App, the bank said in a press release on Wednesday.
Banks and financial institutions are bringing a range of real-world assets (RWA) onto blockchains, both private ledgers and public networks like Ethereum, in a process known as tokenization.
In November of last year, HSBC teased a tokenized gold offering planned as part of the bank’s new digital asset custody platform, created in partnership with Swiss-based crypto safe-keeping specialist Metaco.
“We are proud that HSBC Gold Token, powered by HSBC Orion, is the first retail product in Hong Kong that is based on distributed ledger technology, as authorized by the Securities and Futures Commission,” said HSBC Hong Kong head of wealth and personal banking Maggie Ng in a statement.
Courtesy: www.coindesk.com
