Institutional interest in cryptocurrency appears not to have diminished at the cryptocurrency market. In fact, according to a new press release published last Wednesday, Societe Generale announced that it was launching new services for the benefit of its institutional clients through its subsidiary Security Services, to meet their demand for exposure to bitcoin.
With these new services, asset managers, clients of Société Générale will now be able to add cryptocurrencies to their portfolios and offer funds in bitcoins and cryptocurrencies “in a simple and appropriate way, within the European regulatory framework”.
The company believes that “more and more investors want to add cryptocurrencies to their portfolios” and for this reason, “asset management companies are trying to offer new ranges of crypto solutions. »
Also Read: Bitcoin May Still Touch $23,000 As Cryptocurrency Market Cap Has Key Support
For this new service, the bank’s latest client is independent asset manager Arquant Capital SAS. The latter seeks to launch a licensed bitcoin fund in France as it offered two digital asset products denominated in euros consisting of Bitcoin (BTC), Ether (ETH) and other derivatives.
Eron Angjele, CEO of Arquant Capital, says “this solution provides Arquant Capital with an innovative structure that allows us to develop our offering and focus on creating value for our clients”.
David Abitbol, Director of Societe Generale Securities Services, said: “By combining Societe Generale’s expertise in innovation with Arquant Capital’s technical skills, we are expanding SGSS’s capabilities to meet the diversifying needs of asset managers.
More and more financial giants in the crypto sector
With more than $4.277 billion in assets under custody, Societe Generale is today the 3rd largest investment bank in Europe and one of the 10 largest banks in the world.
Its client portfolio consists of 3,312 funds for which it offers custody services and 4,426 funds for which it provides valuation services. It has 4,000 employees and is based in 22 locations worldwide.
As such the company is one of the behemoths of the traditional financial sector that has entered the crypto ecosystem and is taking bolder initiatives to push itself further into the sector.
Societe Generale is one of the companies currently working with the European Central Bank to develop a digital euro. Not long ago, it issued euro bonds on the Ethereum blockchain and offered DAI stablecoin loans in exchange for bond tokens. It also has a security token on the Tezos blockchain.
Also read: ECB chooses Amazon and 4 other companies to design digital euro prototype
Clearly, the bear market does not seem to have dampened the appetite of institutional investors for crypto products. For example, on Tuesday, the day before Societe Generale’s announcement, reports circulated on the internet that the second largest stock exchange in the world, the Nasdaq, was organizing the launch of bitcoin and cryptocurrencies for the benefit of institutional clients.
Similarly, on the same day, the company MicroStrategy, specialized in the management of bitcoins, announced that it had bought new BTC, bringing the number of bitcoins it has accumulated to date to 130,000.