- HSBC Holdings Plc, one of the world’s top bullion banks, has announced the launch of a platform that utilizes distributed ledger technology to tokenize the ownership of gold held in its London vault as it looks to help usher in the digital age for the London gold market.
While there have been previous efforts to offer tokenized gold, including the release of Pax Gold by stablecoin issuer Paxos and the launch of Kitco Gold by Kitco Metals, the entry of HSBC into the tokenized gold market is notable as the bank is one of the world’s largest custodians of precious metals and one of four clearers on the London gold market, which processes more than $30 billion in gold transactions every day.
HSBC has been one of the most active large banking institutions in recent years when it comes to exploring and integrating blockchain technology into its operations. HSBC also participated in the Federal Reserve Bank of New York’s 12-week proof-of-concept CBDC pilot and is one of the 14 central and commercial banks collaborating with SWIFT in testing transactions with CBDCs and tokenized assets on existing financial infrastructure.
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