British multinational investment bank and financial services holding company HSBC Holdings plc is about to transfer $20 billion worth of assets to blockchain-based custody, Reuters reports.
According to Reuters, the new platform called Digital Vault will provide investors with real-time access to records of securities bought on private markets.
It's expected the platform will digitize paper-based records of private placements with the help of the blockchain technology to reduce the time it takes investors to make checks or queries on holdings.
The Head of Custody Innovation at HSBC’s securities services arm Ciaran Roddy claims an interest in private placements from U.S. and British insurers, as well as Asian and Middle Eastern sovereign wealth funds, "is on the rise."
Earlier iHodl reported that British multinational banking and financial services company Standard Chartered PLC joined the Enterprise Ethereum Alliance.
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