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Cryptocurrency News Articles

HSBC Pioneers Quantum-Safe Tech for Tokenised Gold

Jan 02, 2025 at 05:09 pm

HSBC Pioneers Quantum-Safe Tech for Tokenised Gold

Banking giant HSBC has successfully trialled quantum-secure technology for trading tokenised physical gold, a move to protect digital assets from future quantum computing attacks.

HSBC became the first global bank to offer tokenised physical gold to institutional investors using distributed ledger technology (DLT) in 2023.

This year, HSBC expanded its offering with the launch of HSBC Gold Token for retail investors in Hong Kong, enabling fractional ownership of physical gold.

HSBC also tested the interoperability of its gold tokens using post-quantum cryptography (PQC) as part of the trial.

PQC refers to a set of cryptographic algorithms designed to withstand attacks by quantum computers, which are expected to be capable of breaking many current encryption methods.

The bank demonstrated the ability to convert HSBC's gold tokens into ERC-20 fungible tokens, a technical standard for tokens on the Ethereum blockchain.

This conversion enhances the tokens' utility and interoperability within the broader digital asset ecosystem.

HSBC partnered with Quantinuum, a leading quantum computing company, to achieve this quantum-safe security.

Quantinuum employed PQC algorithms and its proprietary Quantum Origin quantum randomness technology to showcase comprehensive protection of digital assets from quantum computing attacks.

TrueLayer, a Top 10 Open Banking Company and Europe's foremost Open Banking payments network, has announced an expansion of its partnership with global payment giant Stripe.

This collaboration positions TrueLayer as the backbone of Stripe's Pay by Bank service across its UK payment products, marking a significant milestone in the adoption of Open Banking technology.

The partnership comes at a crucial time for the fintech industry, as businesses increasingly seek alternatives to traditional payment methods.

Pay by Bank, which Stripe unveiled in May, allows merchants to accept payments directly from customers' bank accounts, bypassing the need for credit card transactions.

This approach not only streamlines the payment process but also promises substantial reductions in transaction fees – a key consideration for businesses operating on tight margins.

Francesco Simoneschi, Co-founder and CEO of TrueLayer, says: “We're thrilled to be Stripe's open banking partner in the UK. By collaborating on Pay by Bank, we're offering customers the option to pay with their preferred bank account instead of a credit card. This is a significant milestone in the evolution of digital commerce.”

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Other articles published on Mar 18, 2025