Blockchain Based Gold Trading Platform From HSBC
HSBC Holdings is introducing a blockchain-based platform to revolutionize the London gold market. The platform uses distributed ledger technology to tokenize ownership of physical gold stored in its London vault. The system generates digital tokens representing gold bars, facilitating easier trading through HSBC’s single-dealer platform.
The use of blockchain technology in the gold market has gained attention in recent years, with Paxos partnering with Euroclear in 2016 to establish a blockchain-based settlement service for trades on the London bullion market.
HSBC’s gold system is part of a broader initiative to leverage blockchain technology, with the bank already operating a platform called HSBC Orion, which facilitates the issuance and storage of assets like digital bonds.
(With inputs from Shikha Singh)
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