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French Bank Launches Digital Asset Service for Asset Managers

Key Takeaways:

Societe Generale, the French banking giant, has developed new services for its institutional clients.The services are aimed at institutions looking to capitalize on rising BTC and cryptocurrency demand.

Societe Generale, France’s third-largest bank by market capitalization, provided insight into the rising appetite of investors trying to incorporate cryptocurrencies into their portfolios.

Societe Generale has launched new services for asset management clients looking to respond to rising investor demand for cryptocurrencies.

According to the bank, the services would allow asset managers to offer crypto funds in a “simple and appropriate” manner within a framework that is compliant with European legislation.

The service has been chosen by Arquant Capital SAS, a French asset manager that is launching a series of crypto funds, beginning with two products based on bitcoin (BTC), ether (ETH), and derivatives.

The move by Societe Generale, which had over $1.6 trillion in assets as of 2021 and is one of Europe’s largest banks, underscores mainstream financial institutions’ eagerness to provide crypto-related services to its consumers as demand grows.

Arquant’s CEO noted that the company sees an early chance to attract investors since the bank offers an innovative technique of structure that allows the company to scale its investment portfolio to cryptocurrencies, hence enhancing the value provided for French-based fund users.

Arquant Capital CEO Eron Angjele stated:

With this solution, Arquant Capital gains a unique structure that enables us to scale our offering while focusing on providing value for our clients.”

Société Générale has previously issued Eurobonds on the Ethereum blockchain and suggested DAI stablecoin loans in exchange for bond tokens.

On the Tezos blockchain, the company also has a security token. It is one of the financial behemoths working with the European Central Bank to create a digital euro.

All of these elements propel the bank forward, positioning it as one of the few financial institutions providing banking services to promote widespread adoption of decentralised finance, its products, and services.

What do you think?

Written by Aadrika Sharma

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