March 27, 2020 HSBC has placed $10 billion of Private Placements on the R3 ledger.

The international bank, HSBC, has uploaded $10 billion of private placement records on the R3 ledger, run by Corda. Private placements refer to securities that are not sold on open markets but rather through private rounds. The bank intends to increase volumes over the next 18 months, expecting continued demand to come from both existing and future clients. Despite the high value, the $10 billion amount is still short of HSBC’s previous $20 billion target that it had set itself for March 2020, with the bank explaining that efforts to improve the platform’s functionality slowed its efforts. For now, the bank is focusing on digitizing security tokens from exchanges and traditional asset classes, rather than cryptoassets. HSBC’s head of custody innovation and strategy initiatives stated that the motivation behind the effort was to “future-proof ourselves as blockchain becomes more mainstream and then also being in a position to add value to clients by providing them with self-service tools instead of them having to come to us to source the information”.