HSBC Holdings Plc, one of the world’s largest banks, is making a strategic move in the financial industry by offering custody services for digital assets to institutional clients. In collaboration with Metaco, a decentralized finance firm owned by Ripple, HSBC plans to provide secure and efficient management of digital assets. This move is in response to the increasing demand from asset managers and owners for reliable digital asset custody solutions. The services are expected to be operational in 2024, aligning with HSBC’s vision of staying at the forefront of the digital finance revolution. HSBC Orion, the bank’s digital asset issuance platform, already allows for the tokenization of physical gold using blockchain technology. The forthcoming digital asset custody service will complement HSBC Orion, expanding the bank’s digital asset infrastructure. This move by HSBC follows the footsteps of other major financial institutions, such as JPMorgan and Deutsche Bank, who have been exploring blockchain applications for commercial purposes. Citigroup, another prominent financial institution, is also making strategic moves in the digital asset space. HSBC’s entry into digital asset custody signifies its commitment to adapting to the changing financial landscape and its recognition of the growing role of blockchain technology and digital assets in the future of finance. By positioning itself as a go-to provider for secure and innovative digital asset services, HSBC is ensuring that its institutional clients are well-equipped for the digital-first financial ecosystem. This development represents a new era where traditional banking meets digital transformation, with HSBC leading the way.

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Information	Details
Geography	Global
Countries	🇬🇧
Sentiment	positive
Relevance Score	1
People	None
Companies	Ripple, HSBC Holdings Plc, Metaco, Citigroup, Deutsche Bank, JPMorgan
Currencies	None
Securities	None