HSBC launches gold tokens for retail customers in Hong Kong

ChainCatcher news, HSBC announced the launch of the "HSBC Gold Token" in Hong Kong. This product can be traded through the HSBC HK App and online banking, marking HSBC's first application of its private distributed ledger technology to the tokenization of retail investment products. Wong Yu-ju, General Manager and Head of Wealth Management and Personal Banking at HSBC Hong Kong, stated that the HSBC Gold Token is the first retail product recognized by the Hong Kong Securities and Futures Commission, based on distributed ledger technology through "HSBC Orion."

Previously reported, HSBC launched a gold tokenization platform. This initiative is part of HSBC's broader use of blockchain technology, and HSBC already has a platform for issuing and storing digital bonds and other assets, named HSBC Orion. A token on the new system is equivalent to 0.001 troy ounces of gold, while a London gold bar is equivalent to 400 troy ounces.