BNP Paribas is about to reach an important milestone!

This is information reported by US crypto media Coindesk, so you should take the usual precautions: BNP Paribas will partner with Swiss specialist Metaco to provide crypto asset management services to its clients.

BNP and Metaco for a historic agreement

A French bank has decided to go beyond just exploring the world of cryptocurrencies. And not just any bank: it is BNP Paribas, through its subsidiary BNP Paribas Securities Services.

According to professional media CoinDesk, the bank should offer cryptocurrency custody services, according to “three people” familiar with the operation. This service is made possible through a partnership with Metaco, a Swiss company specializing in cryptocurrency conversions.

The information comes from “3 persons with knowledge of the transaction”, without providing further details. And if the parties contacted by Coindesk have neither confirmed nor denied it, it’s because the subject is both sensitive and potentially historic.

Given the status of BNP Paribas, the merger is of the utmost importance. It is one of the world’s leading custodians with nearly $13 trillion in deposits.

“Many major banks are moving into cryptocurrency custody, but what makes this deal particularly important is BNP Paribas Securities Services’ position as a major global custodian with nearly $13 trillion in assets in custody,” CoinDesk points out.

That said, at this point, many aspects of this partnership are unknown. For example, the contribution of Metaco to the business operations has not yet been determined. However, we believe that the company will step in as an advisory support or custodian of crypto assets. At this point, neither BNP Paribas nor Metaco have officially confirmed the alleged partnership.

At this time, neither BNP Paribas nor Metaco have issued an official press release on this subject. According to our information, BNP Paribas Securities Services will communicate about this tomorrow.

Metaco is no stranger to French banks

If the name Metaco sounds familiar to you, it’s because the Swiss company, founded in 2014, has built up a solid expertise in the management and custody of crypto assets. Metaco focuses on professionals from the financial world and the banking ecosystem, especially in France.

As such, in early 2022, Metaco entered into a partnership with the Forge division, a branch of Societe Generale that specializes in blockchain.

“By partnering with Metaco, SG-Forge can leverage their secure infrastructure to ensure we have a strong foundation to grow our business in the digital asset market,” said Jean-Marc Stenger, CEO of SG-Forge.

As for BNP Paribas, as the 8th largest banking group in the world, no one should be surprised by its strong interest in crypto economics, decentralized finance and blockchain technology. For example, we learned just a few weeks ago that the French giant was now trading tokens on JPMorgan’s private blockchain, the Onyx network.

If the initial information is confirmed (a press release says it’s ready), then we’ll have more precise elements of this important symbolic advancement. More importantly, it involves a domestic eco-banking system that is considered conservative on cryptocurrencies and has traditionally been more effective in preventing its customers from attempting to interact with cryptocurrency players such as Binance or Coinbase.

Many of the largest banking institutions are investigating cryptocurrency custody. They have the opportunity to jump on the bandwagon and carve a place for themselves in this new era of digital assets.

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