Societe Generale launches custodial services for crypto fund managers

The conglomerate is also involved in the process of testing the digital euro jointly with the European Central Bank

22.09.2022 - 09:40

354

1 min

What’s new? Société Générale, a French financial conglomerate and one of Europe’s largest banks, has announced the expansion of its cryptocurrency asset management services through its subsidiary Security Services. Crypto fund managers can now choose Société Générale as custodian, valuator, and liability manager of their fund.

The full version of the conglomerate’s press release

What other statements have been made? It is known that the first user of the new service became the asset management company Arquant Capital. It will open a number of specialized funds for investing in cryptocurrencies. The first two products of the line are euro-denominated and will consist of Bitcoin, Ethereum, and other derivatives. According to Eron Angjele, CEO of Arquant Capital, the solution from Société Générale will allow one to scale and focus on creating value for customers.

Société Générale was founded in 1864 and has more than 177 000 employees in 66 countries. It works with 25 million clients, including individuals, enterprises, and institutional investors. The equity capital of Société Générale is 66,979 billion euros.

In July, France’s largest bank holding company, BNP Paribas, which jointly with Société Générale, Crédit Agricole, and Le Groupe BPCE is among the “big four” of the country’s banking market, began offering its customers digital asset custody services. It signed agreements with custodial platforms METACO and Fireblocks.

Author: