The United Kingdom’s largest bank, HSBC, in 2024 will offer institutional clients a custody service for storing tokenised securities.
The partner will be the Ripple-owned Metaco company.
“We are seeing growing demand from asset managers,” the statement said.
The offering will complement the HSBC Orion blockchain platform and the tokenised gold issuance system.
Bloomberg noted Ripple’s forecast that the institutional crypto-custody market would reach $10 trillion by 2030.
In June the HSBC subsidiary in Hong Kong provided the opportunity to trade ETF on Bitcoin and Ethereum, which received a listing on the local stock exchange.
Earlier, similar plans to launch a custody platform for digital assets were stated by Citigroup.
In June, reports emerged that the conglomerate planned to find a replacement for Metaco after its acquisition by Ripple Labs.