HSBC plans to launch a custodial service for blockchain-based asset custody excluding cryptocurrency in 2024, the bank said on Wednesday.

The service, in partnership with Swiss digital asset specialist Metaco, will allow institutional clients to store blockchain-based tokens, which are traditional financial assets, as opposed to cryptocurrencies or stablecoins.

Last week, HSBC said it had issued tokens representing physical gold stored in its London vault. Last year, the bank launched HSBC Orion, a digital asset platform that allows financial institutions to issue blockchain-based versions of financial assets, also known as tokenised securities.

According to CoinGecko, the value of all cryptocurrencies is around $1.4 trillion.

HSBC did not provide data on the size of the market for blockchain-based assets other than cryptocurrencies.

Banks and other financial companies have invested billions of dollars to find applications for blockchain.

In 2019, HSBC announced the Digital Vault platform, which allows investors to access digital records of securities bought on private markets.