BNP Paribas Replacing Fiat Security Assets with Cryptos

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BNP Paribas Replacing Fiat Security Assets with Cryptos
Credit: © Reuters.

  • BNP Paribas  entering the custody space for crypto.
  • Currently, the French bank has $13 trillion in assets .

BNP Paribas (EPA: BNPP ) (BNP), a  French Bank, is going to start offering custodial services for Bitcoin and other digital assets. Over $13 trillion in assets are managed by the bank’s assets custodian, BNP Securities Services. 

The latest major bank to express interest in the cryptocurrency market is BNP Paribas. It joined the blockchain in May 2022. BNP Paribas has been collaborating with leading crypto firms representing the first steps in efforts to deploy digital tokens in one of the crucial links of the international financial system.

Partnering With Metaco

The bank is set to be  partnering with Metaco, a Swiss digital asset custody firm. Metaco also offers services for crypto trading and onboarding for decentralized finance ( DeFi). Both Metaco and BNP declined to comment on the relationship. It is unknown whether or not Metaco will act as the custodian or if the company will provide consultation services to BNP.

Without concentrating purely on Bitcoin or other cryptocurrencies,Mateco’s service will focus on security tokens,or the tokenization of assets like stocks and other financial instruments. With its recent custody tech deal with Societe Generale (EPA: SOGN ) (GLE), a French bank, Metaco is quickly emerging as the preferred provider for banks and other institutions looking to enter the crypto market.

Metaco recently announced partnerships between the companies including Citigroup (NYSE: C ) , BBVA (BME: BBVA ), Zodia Custody, DBS, and Union Bank of the philippines. The rise of banks entering the custody ecosystem of Bitcoin and other cryptocurrencies was previously mentioned in an interview  by Adrien Treccani, CEO of Metaco. 

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