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Largest French financial institution BNP Paribas launches cryptocurrency custody services

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The biggest French financial institution BNP Paribas (BNP) is coming into the cryptocurrency custody sector via a partnership with Swiss digital asset management company Metaco.

Largest French bank BNP Paribas launches cryptocurrency custody service
Largest French financial institution BNP Paribas launches cryptocurrency custody services

According to a report earlier this week, 1 of the biggest banking institutions in Europe, BNP Paribas, has entered the cryptocurrency universe by joining forces with Swiss cryptocurrency custody supplier Metaco and blockchain platform Fireblocks. As a outcome, the French monetary institution will open its doors to give cryptocurrency custody solutions to its much more than 60 million buyers.

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Although in current occasions it is straightforward to see that numerous big banking institutions all around the planet are moving in direction of custody of cryptocurrencies as 1 of the most optimum remedies to at first connect to the blockchain.

These include things like prominent names this kind of as Latin America’s biggest personal financial institution – Itaú Unibanco, America’s oldest financial institution – BNY Mellon, the world’s primary wealth management group – State Street Corporation and The Bank The 5th biggest in the United States – US Bank. What tends to make this deal specifically essential, having said that, is BNP Paribas’ place as a worldwide depositary with almost $ 13,000 really worth of assets in custody.

As for Metaco, in addition to establishing a partnership with BNP Paribas, the firm has also signed a custody technological innovation agreement with French financial institution Société Générale (GLE), in response to GLE’s wish to develop into a house owner. give is ideal for banking institutions and institutions wishing to enter the crypto room.

In addition, Metaco has also announced a series of related contracts with Citigroup (C), and just before that with BBVA (BBVA), Zodia Custody, DBS and UnionBank Philippines. Interestingly, in October 2021 Société Générale requested a “historic” twenty million DAI loan from MakerDAO in exchange for a safety token.

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