In the next year, the financial behemoth is set to launch its digital asset custodial services tailored for institutional investors seeking to securely store tokenized traditional financial products, as opposed to cryptocurrencies.
In 2024, HSBC is slated to introduce a custody service for blockchain-based assets, excluding cryptocurrencies, as reported by various media outlets following the banking giant's announcement on Wednesday.
The custody service from HSBC is designed to enable institutional clients to securely store tokenized representations of traditional financial assets, steering clear of cryptocurrencies and stablecoins.
“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“ HSBC chief digital, data and innovation officer, said in a press release.
“Through key partnerships, HSBC is delivering the next-generation custody infrastructure that will be scalable and secure. For asset servicers, there has never been a more important time to innovate, to collaborate and to create change.”
In response to the growing demand from institutional clients for reliable and cutting-edge digital asset solutions, HSBC is strategically positioning itself as a premier provider, harmonizing its course with the dynamics of a digitally-driven financial landscape. The imminent launch of HSBC's digital asset custody service boldly underscores its vision for a future intricately woven with blockchain innovation.
This advancement marks the dawn of a fresh era, a convergence of traditional banking and digital transformation. HSBC is at the forefront, establishing the tempo and ensuring that its institutional clients are aptly prepared for the evolving journey ahead.
Photo by Joshua Lawrence on Unsplash
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