HSBC issues cryptocurrency 'gold token', first of its kind among World Banks

HSBC, a global banking group, has issued its own coin, marking the first time in history that a traditional bank has issued a cryptocurrency (virtual currency), Cointesk, a specialized cryptocurrency media, reported on June 26 (local time). HSBC issued a gold-backed cryptocurrency called "Gold Coin" today. Gold Coin can be purchased through HSBC online banking and the HSBC mobile app. While banks have previously offered cryptocurrency-related products such as bitcoin, this is the first time a financial firm has issued its own cryptocurrency, CoinDesk noted. In November of last year, HSBC announced a partnership with Switzerland-based cryptocurrency vault management company Metacoin to launch a tokenized gold product. "We are proud to announce that the Gold Token offered by HSBC has been approved by the Securities and Futures Commission," Maggie Ng, head of wealth management at HSBC Hong Kong, said in a statement, adding that the Gold Token is the first cryptocurrency product issued by the bank.