HSBC has announced the launch of a tokenised gold service, becoming the first banking institution in the world to offer such a product. The service will allow customers to buy, sell and store digital tokens backed by physical gold. This tokenised gold will be held on behalf of the customer by Hold onboarded HSBC’s custody service. Customers will also have access to real-time pricing data for their tokens which can easily be converted into different currencies.

HSBC Global Head of Digital Assets Chris Tyrer said that this new product was an important milestone for both HSBC and the broader digital assets industry, as it could set a new precedent for storing physical assets digitally, "at scale." Tyrer continued that this was just one step in what could be a wider change in how people use, store and exchange financial assets.

The move from HSBC comes as more traditional banks are beginning to integrate blockchain technology into their services in order to make operations more efficient and secure. The addition of tokenised gold is another example of this trend, as it could potentially provide customers with greater access to their investments and enable them to keep track of their assets more easily than ever before.