Leading financial behemoth HSBC has made history by tokenizing gold for regular investors in Hong Kong. With this action, HSBC becomes the first bank to offer a real-world asset based on blockchain to the retail sector.
According to a recent press release, the HSBC Gold Token, which was created on the cutting-edge Orion digital assets platform, is now conveniently available through HSBC Online Banking and the HSBC HK Mobile App.
“We are proud that HSBC Gold Token, powered by HSBC Orion, is the first retail product in Hong Kong that is based on distributed ledger technology, as authorized by the Securities and Futures Commission,” said Maggie Ng, head of wealth and personal banking at HSBC Hong Kong, in reference to this development.
Tokenization, or the process of placing physical assets onto blockchains via private ledgers or public networks like Ethereum, is a movement that is sweeping the financial industry.
