HSBC Planning New Self-Custody Platform for Blockchain-Based TradFi Assets

According to reports, HSBC is aiming to establish a new platform that would allow institutional clients to hold blockchain-based tokens that reflect non-crypto assets. According to a new press release, the banking behemoth has teamed with Swiss digital asset developer Metaco to give clients the possibility to keep traditional assets — not crypto or stablecoins – on a blockchain platform. HSBC claims to have already produced tokens representing its gold reserves, which are stored in a London vault. HSBC Orion, the bank’s own platform for creating digital assets, was unveiled last year. The bank has not disclosed the size of its market for the new non-crypto blockchain-based assets program.

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