Firms can now develop crypto funds with the help of SocGen’s digital asset services

    Societe Generale Securities Services (SGSS), the third-largest French bank by market capitalization, introduced a new digital asset solution on Wednesday aimed at asset management businesses looking to establish innovative professional funds based on cryptocurrencies.

    The French investment bank has continuing to extend its crypto custody services for customers. According to Societe Generale, this new service will allow asset managers to provide crypto funds in a “simple and appropriate” way inside a framework that is consistent with European legislation.

    Many investors desire to include cryptocurrency in their investment portfolios. As a result, a rising number of asset management organisations are aiming to develop new product lines based primarily on digital assets. Societe Generale has launched a new crypto service that allows asset management firms to function as custodians, valuators, and liability managers for crypto funds.

    The new service has been chosen by Arquant Capital SAS, a French asset management firm that is launching a series of cryptocurrency funds, starting with two products based on Bitcoin (BTC), Ether (ETH), and derivatives.

    “This solution offers Arquant Capital with an innovative structure that enables us to grow our offering and concentrate on producing value for our customers,” said David Abitbol, Head of Societe Generale Securities Services, of the development.

    With its subsidiary Societe Generale FORGE, the Societe Generale Group has already established itself as a specialist in crypto assets. To suit the demands of its clients, the investment bank continues to improve its digital asset offerings.

    FORGE, a Societe Generale integrated subsidiary, has been delivering multiple native security token issuances deployed on blockchain for various organisations since 2019, notably the European Investment Bank’s (EIB) €100 million digital bond issued in 2021.

    The investment bank provides a variety of capital market products to institutional customers through FORGE in the form of native security tokens on Tezos and Ethereum.

    New Prospects in the Digital Assets Sector

    In recent months, there has been a widespread tendency among French banking titans offering crypto-related services to its consumers as demand grows. BNP Paribas (BNP), France’s biggest bank, joined the crypto custody industry in July via a collaboration with Swiss digital asset safeguarding business Metaco.

    Delubac & Cie, a French bank, got a registration licence in April to provide digital asset services (the acquisition, sale, and custody of crypto-assets) to institutions, corporations, and people. The licence allowed the bank to provide three crypto-assets: Tezos, Bitcoin, and Ethereum, as well as plans to add staking and tokenized assets such as NFTs in its service offerings. Many institutions are moving into crypto custody in response to rising investor demand for cryptocurrencies.

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