HSBC Holdings Plc, one of the world's largest banks, launches a blockchain platform to modernize and simplify gold trading through the tokenization of its reserves.
Trying to explain it in the simplest way possible, the physical gold held by the bank will be "tokenized", thus creating a digital representation suitable for trading.
As we well know, it is not the first to approach Distributed Ledger Technology for this purpose. PaxG, or Pax Gold, is a physical gold support token born in "far" 2016 and managed by Paxos.
HSBC currently holds, according to estimates, around 30 billion dollars in gold and is one of the largest gold custodians in the world.
The convenience will also and above all be for investors who will be able to monitor their properties in a simple and precise way through the blockchain.
For now it will only be usable by institutional clients but will soon be accessible to everyone, as is the already existing HSBC Orion which allows bonds to be tokenized.
In short, 2023 seems to be the year of great revolutions, the big banks have finally realized the true value of the blockchain and Bitcoin and absolutely do not want to be left behind.
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