Skip to content

Ripple partners up with HSBC for custodial services in 2024

Ripple partners up with HSBC for custodial services in 2024

Metaco, a Ripple-owned company for tokenized assets, has partnered with HSBC to launch a custodial service for institutional clients. HSBC is the largest bank in Hong Kong, with a global presence.

Notably, the partnership is HSBC’s most recent move into the realm of blockchain and tokenized assets. The new service is planned to launch in 2024, according to Bloomberg, who first reported the partnership on November 8.

In fact, the bank has recently announced a system to launch tokenized gold through its platform, HSBC Orion, for digital assets issuance. Furthermore, it is the latest large traditional financial institution to move to commercialize blockchain-based applications.

The partnership with Ripple through Metaco sets a new important mark for both companies referring to global adoption of the offered technology.

“We’re seeing increasing demand for custody and fund administration of digital assets from asset managers and asset owners, as this market continues to evolve.”

— Zhu Kuang Lee, chief digital, data and innovation officer, securities services at HSBC

Metaco: Ripple’s solution to bridge banking and cryptocurrencies

Interestingly, Ripple agreed to acquire Metaco in May for $250 million, with the goal of bridging “the digital asset core system” to the banking sector and traditional finance in general. Historically, Ripple offered banks its RippleNet solution, a permissioned payment system that does not use XRP.

At this point, it is unclear whether Metaco will use the XRP Ledger for token issuance and smart contracts. However, the system will offer access to different cryptocurrencies, including the XRP token and the Web3 ecosystem.

Considering that HSBC has its own private solution for tokenized assets, it is likely that the bank will continue to use its own developed platform for this goal. Nevertheless, by offering custodial services, Ripple, through Metaco, solidifies its connections with traditional finance giants such as Hong Kong’s largest bank.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.