HK satik company mulling to tokenize its 3ton gold , kym?

[k1976]

Value Partners, a Hong Kong-listed company, is set on issuing blockchain tokens backed by physical gold and filing applications for crypto-related ETFs.

According to local media Hong Kong Commercial Daily, the firm plans to tokenize its three tons of gold bars worth an estimated $201 million at current prices.

Value Partners already offers the only Hong Kong gold ETF backed by physical gold and believes digitizing its precious metal with blockchain technology will only improve accessibility for investors.

The move comes after gold hit its all-time high and traded at $2,150 on some venues in December 2023. Gold gained over 14% per data from TradingView.

 

[k1976]

https://crypto.news/hong-kong-firm-mulls-tokenizing-3-ton-gold-vault-amid-local-etf-boon/

 

[k1976]

Technology

HSBC Takes Stab at Using Blockchain to Modernize London’s Antiquated Gold Market​

• System creates tokens representing gold in bank’s vault
• Blockchain allows investors to more easily track gold they own

November 1, 2023 at 10:08 PM GMT+8

One of the world’s top bullion banks is bringing blockchain to the antiquated London gold market.

HSBC Holdings Plc has launched a platform that uses distributed ledger technology to tokenize ownership of physical gold held in its London vault, Mark Williamson, global head of FX and commodities partnerships and propositions, said in an interview.

The new system creates digital tokens that represent gold bars, which can then be traded through the bank’s single-dealer platform.

 

[k1976]

https://chain.link/education-hub/tokenized-gold

Simple explanation on Tokenise Gold Asset

 

[k1976]

https://www.ledgerinsights.com/hsbc-tokenizes-gold/


Today HSBC announced the first trades of gold tokens where the physical gold is stored in HSBC’s London vault. Using distributed ledger technology (DLT), institutional clients create a digital twin of the physical asset. The tokens can be traded on HSBC Evolve, the bank’s digital platform for FX and precious metal execution.

The platform helps customers to track of the trades and the gold they own in a market where trading is over the counter. Gold bars that meet certain criteria can be automatically tokenized.

While it’s not currently retail focused, it could potentially support fractional gold investment, depending on laws in the jurisdiction. Each token represents 0.001 troy ounce.

HSBC is one of the world’s largest precious metals custodians and one of just four clearers in the London market. HSBC didn’t mention potential settlement benefits, but atomic settlement is one of the key advantages of DLT. Another is enabling greater mobility of collateral. But it’s likely early days for that.

“In addition to demand for native digital assets, we are seeing appetite for tokenisation solutions that can maintain a link to specific real-world use cases, such as gold,” said John O’Neill, Global Head of Digital Assets Strategy, Markets and Securities Services, HSBC. O’Neill is also responsible for HSBC Orion, its DLT bond issuance platform.

HSBC is not the first bank to tokenize gold, but it’s most certainly the largest. In January Russia’s biggest bank, Sber, launched a digital gold offering. And in Japan, Mitsui & Co Commodities unveiled a retail targeted offering based on London Metal Exchange gold.

Meanwhile, the World Gold Council and London Bullion Market Association (LBMA) are deploying an enterprise blockchain solution to trace the supply chain source of gold bullion back to mines as part of an integrity program.