According to Foresight News, HSBC Bank is set to collaborate with Metaco, a technology company under Ripple Labs Inc., to provide custody services for tokenized securities and other digital assets. The service is expected to launch in 2024. This issuance will supplement HSBC's digital asset issuance platform, HSBC Orion, as well as the bank's tokenized gold issuance system launched last week.
As previously reported by Foresight News, in May 2023, Ripple spent $250 million to acquire Metaco, a Switzerland-based cryptocurrency custody company. This acquisition will enable Ripple to expand its product offerings by integrating its technology into the custody, issuance, and settlement of tokenized assets.