HSBC, the UK's largest bank, has just announced that it intends to offer its institutional clients a custody service to store tokenized securities in 2024.
The partner in the initiative will reportedly be Metaco, owned by fintech company Ripple.
According to the statement:
"We're seeing increasing demand for custody and fund administration of digital assets from asset managers and asset owners."
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The offering will complement HSBC's Orion blockchain platform and tokenized gold issuance system.
According to Bloomberg, Ripple believes the institutional cryptocurrency storage market will reach $10 trillion in volume by 2030.
Citigroup has previously announced similar plans to launch a digital asset custody platform.