HSBC aims to shift $20 billion worth of assets to a new blockchain-based custody...
LONDON - HSBC aims to shift $20 billion worth of assets to a new blockchain-based custody platform by March, in one of the biggest deployments yet of the widely-hyped but still unproven technology by a global bank.
Banks and other financial firms have invested billions of dollars into finding uses for blockchain, a digital ledger that can be instantly and transparently updated. Few, however, have come up with practical or widely-used applications. Records of so-called private placements are typically held on paper and lack standardization, making access tricky and time-consuming. HSBC currently looks after up to $50 billion worth of the assets, it said.
HSBC expects the global value of private placements to hit $7.7 trillion by 2022, a jump of 60% from five years earlier. Over the same period, it thinks allocations by asset manager clients will grow to 20% from 9%.
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