HSBC, the banking giant and the largest bank in Hong Kong, continues its preparations for HSBC Orion, a blockchain-based storage service expected to launch in 2024. According to Bloomberg, HSBC will partner with Ripple, the issuer of the leading altcoin XRP, to provide storage services with HSBC Orion.
HSBC to Partner with Ripple’s Metaco
HSBC, the banking giant, is continuing its efforts to launch the blockchain-based storage service HSBC Orion in 2024. Bloomberg reported that HSBC will partner with Metaco, the technology company owned by Ripple, as part of its efforts for the blockchain-based storage service.
As known, HSBC had announced the digital asset issuance platform and gold export system HSBC Orion, which uses digital tokens to represent the ownership of physical gold held in vaults in London.
What We Know About HSBC Orion
HSBC announced that it will release the proprietary tokenization platform HSBC Orion in November 2022, which financial institutions and companies can use to issue digital bonds based on distributed ledger technology. While development work is ongoing, it has been clarified that the platform will be launched in 2024.
HSBC Orion utilizes blockchain technology as a single source of truth. This allows asset and settlement tokens to be securely stored on the platform’s ledger. All transactions performed on the platform are facilitated by the exchange of these tokens, resulting in digital delivery against payment.
Furthermore, the banking giant will make the HSBC Orion platform available in different regions when the time is right and expand the support offered by the platform to cover different asset classes.
