London-based financial giant HSBC is trying its hand at gold tokenization.
The bank launched tokenized ownership of physical gold held in its London vault on Wednesday, noting its use of distributed ledger technology (DLT) to trade the assets.
The approach “generates a permissioned digital representation of clients’ physical gold holdings,” the company said in a news release. One token on HSBC’s gold tokenization platform is equivalent to 0.001 troy ounce.
Tokenized physical gold can be traded between HSBC and institutional investors through the HSBC Evolve platform.
HSBC is not new to using the blockchain. The company teamed up with Wells Fargo in December 2021 to use a…
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