Societe Generale now offers Bitcoin services to institutional clients

Societe Generale now offers Bitcoin services to institutional clients

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 independent asset manager, Arquant Capital SAS, is the bank’s newest client. 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, allowing us to develop our offering and focus on creating value for our clients. »

David Abitbol, ​​Director of Securities Services of Societe Generale, commented:

“By combining Societe Generale’s expertise in innovation with Arquant Capital’s technical skills, we are enhancing SGSS’s ability 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 third 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 employs 4,000 people and has 22 locations worldwide.

As such the company is one of the behemoths of traditional finance that has entered the crypto ecosystem and is taking bolder initiatives to push itself further into the sector.

Societe Generale is also one of the companies currently collaborating with the European Central Bank to develop a digital euro. Recently, 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 online that the world’s second largest stock exchange, the Nasdaq, was planning to launch bitcoin and cryptocurrency custody services for the benefit of institutional clients.

On the same day, the company MicroStrategy, which specializes in the management of bitcoins, announced that it had bought new BTC. This brings the number of bitcoins she has accumulated to date to 130,000.

Has Ethereum become a "security"?

Has Ethereum become a “security”?

Bitcoin to earn easily with Bitget

Bitcoin to earn easily with Bitget