French bank BNP Paribas to start storing customers’ cryptocurrency

The services will be offered to users as part of a partnership with custodial platforms METACO and Fireblocks

20.07.2022 - 11:45

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What’s new? France’s largest bank holding company, BNP Paribas, will start offering its customers digital asset custody services. To this end, it has entered into agreements with custodial platforms METACO and Fireblocks, FinanceFeeds reports. BNP Paribas has $14,4 trillion in assets under custody and $2,9 trillion under management, with 137,4 million transactions in 2021.

FinanceFeeds

What is known about BNP’s plans? Fireblocks will act as a hot wallet and tokenization platform, its infrastructure will be used to settle and custody security tokens. Fireblocks co-founder and CEO Michael Shaulov noted that BNP Paribas demonstrates openness to cooperation with key industry players, from fintech companies to central banks.

METACO will be integrated into the bank’s own infrastructure and will form the basis for offering custodial services to institutional clients, as well as enabling the issuance of digital shares and making settlements with them. METACO founder and CEO Adrian Treccani stressed that BNP is a leader in the European market and one of the leading global providers of custodial services. He assured that through the platform, the bank will ensure security and scalability, as well as regulatory compliance worldwide.

METACO recently signed a digital asset custody agreement with another French bank, Societe Generale. Earlier, it had launched partnerships with Citibank International Bank, BBVA, Zodia Custody, DBS, and UnionBank Philippines.

In May, Brazilian digital bank Nubank entered into a partnership with blockchain startup Paxos to allow clients to trade BTC and ETH. In February, Warren Buffett’s Berkshire Hathaway invested $1 billion in Nubank.

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