BNP Paribas Looking Into Crypto Custody Services

BNP Paribas Looking Into Crypto Custody Services
Fiverr


Key Takeaways

BNP Paribas, one of the largest banking groups in the world, is reportedly considering partnering with a digital asset custody firm.
The French bank currently has almost $13 trillion in assets under custody.
It joins a long list of institutional firms, including Fidelity and Société Générale looking into offering their clients crypto services.

Share this article

French banking giant BNP Paribas, with $13 trillion in assets under custody, could be interested in developing crypto custody services for its own clients, a new report says.

The Banks Are Coming

BNP Paribas is getting into crypto.

The French bank is reportedly partnering up with Metaco to potentially offer crypto custody services to its own clients, making it the latest institutional powerhouse to start dipping its toes into the cryptocurrency space.

Phemex

BNP Paribas is the second largest banking group in Europe and the ninth biggest in the world. It has almost $13 trillion in assets under custody.

Metaco is a Swiss company specializing in digital asset custody for institutional clients; it also provides crypto trading and decentralized finance (DeFi) onboarding services. Other prominent banks, such as Société Générale and Citigroup, have recently come to Metaco for crypto custody deals.

BNP Paribas is only the latest banking giant showing interest in the crypto space. Société Générale’s digital asset subsidiary, SG-Forge, was recently added to DeFi stablecoin issuer MakerDAO’s vaults; the bank will be able to borrow up to $30 million in DAI from the protocol. Another institution, U.S-regulated Huntingdon Valley Bank, can take out up to $100 million.

Meanwhile asset management companies have also been looking into providing custody services for their clients. Most notably, U.S. investment firm Fidelity has indicated plans to expand its product offering by adding Ethereum and other cryptocurrencies to their digital asset platform. Fidelity had previously allowed clients to make Bitcoin part of their 401(k) accounts.

These investment and banking firms’ enthusiasm for crypto stands in sharp contrast to the approach taken by regulators and central governing bodies. The European Central Bank declared last week that an eventual Bitcoin ban was probable.

Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.



Source link

Blockcard

Be the first to comment

Leave a Reply

Your email address will not be published.


*