HSBC Holdings Plc has launched new distributed ledger technology for use in the London gold market for the tokenization of gold assets (bars) stored in its London vault, and transacting the same over blockchain. HSBC’s significant presence in the precious metals market, combined with a daily trading volume of roughly $30 billion in the London gold market, makes this move to DLT notable. Each of HSBC’s digital tokens corresponds to 0.001 troy ounces of gold, potentially enabling retail investors to fractionally invest in physical gold via the new digital, cryptographic asset.
HSBC Launches Blockchain Platform to Tokenize Ownership of Gold in London Vault
