BNP Paribas Partners with Metaco for Crypto Custodial Services

BNP Paribas, one of the largest banks in Europe, plans to launch crypto custody services. For this, the French bank is partnering with Metaco, a Swiss firm engaged in digital assets custody for institutional clients. Despite the decline in the crypto market over the past few months, many financial sector firms have prepared for expansion in this segment.

As reported by CoinDesk, Metaco has entered into deals with several banks to develop digital asset custody solutions. Last month, Citigroup partnered with the firm to develop its digital asset custody platform. As part of this, Citigroup is exploring blockchain-based custody services for tokenized securities such as stocks and bonds. Recently, French financial services company Societe Generale signed a deal with Metaco to form its digital asset subsidiary. The focus of this subsidiary will be on security tokens.

Societe Generale and Citigroup plan to use their infrastructure with Metaco to build a link between general finance and digital finance. Their focus will be on stocks and other financial instruments rather than just cryptocurrencies. Earlier, Spain’s leading bank BBVA, UK’s Zodia Custody, Singapore-based bank DBS and a Philippines-based bank also partnered with Metaco to provide digital asset services to their clients.

Asset management companies are also planning to offer custody services to their clients. US-based investment firm Fidelity is set to add Ether and other cryptocurrencies to its digital asset platform. Recently, CoinShares, a digital assets firm, acquired France’s Napolean Asset Management, which is associated with the fintech segment. CoinShares, which launched the first regulated bitcoin investment fund, plans to expand its business in Europe. After expansion in the US and UK, it wants to start business in markets with high potential for the crypto industry. Napolean Asset Management has the experience of providing crypto solutions to professional investors. The French financial regulator has given approval to CoinShares for this deal.

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