Last November HSBC revealed the first institutional trades of tokenized gold, where the physical gold is stored in HSBC’s London vault. Today the bank announced that retail investors can now access the tokens in Hong Kong via online banking and the website. While it’s not the first bank to target consumers with tokenized gold, it is certainly the largest.
When it launched the institutional offering, it said it would extend it to retail depending on local regulations. In this case, the offering was approved by Hong Kong’s Securities and Futures Commission (SFC), which released advice about tokenization in November.
“We acknowledge the rising demand for digital assets and the existing familiarity of our customers with gold investment,” said Maggie Ng, general manager and head of wealth and personal banking Hong Kong at HSBC, as reported by the South China Morning Post.
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