HSBC boasts that it was the first financial institution to develop a tangible asset for ordinary investors that is based on the blockchain.
The Hong Kong-based banking giant HSBC (HSBA) is claiming the distinction of being the first bank to develop a retail-targeted, blockchain-based real-world asset by tokenizing gold for regular investors.
According to a news statement issued by the bank on Wednesday, customers may purchase the HSBC Gold Token—which was created on the Orion digital assets platform—through HSBC Online Banking and the HSBC HK Mobile App.
Tokenization is the process by which banks and other financial organizations are adding various RWA to blockchains, which may be either private ledgers or public networks like Ethereum.
As part of its new digital asset custody infrastructure, developed in collaboration with Swiss crypto safe-keeping expert Metaco, HSBC hinted in November of last year at a tokenized gold sale.
In a statement, HSBC Hong Kong head of wealth and personal banking Maggie Ng expressed their pride in HSBC Gold Token, powered by HSBC Orion, being the first retail product in Hong Kong to be approved by the Securities and Futures Commission to be based on distributed ledger technology.
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