BNP Paribas enters the crypto world

The crypto sector continues its inexorable rise and finds fertile ground on French soil with BNP Paribas. 

BNP Paribas begins offering crypto services

The largest transalpine bank by capitalization ($13 trillion in custodial assets) enters the digital currencies asset with a leg up by becoming a custodial service through its partners. 

BNP Paribas‘ partnership is with Metaco and Fireblocks, the major proponents of the successes of other lenders around Europe and the world such as Société Générale (GLE), Citigroup (C) and previously with BBVA (BBVA), Zodia Custody, DBS and UnionBank Philippines.

Metaco is increasingly establishing itself as a key player in the segment, ferrying large traditional lenders into the crypto world in a safe and reliable manner. 

The news was leaked by insiders working for the very Swiss company (Metaco) who let the bombshell slip out. 

On Wednesday, it was also announced that Fireblocks has joined BNP as a custodial of digital currencies. 

The trend is on the rise in France and many other European countries so much so that even giants such as Unicredit and ING Direct are investing capital and brainpower in this direction. 

For the time being, the service offered by the leading French bank will not involve the trading of Bitcoin just as it will not involve the trading of Ethereum, Dogecoin, Cardano, SOL and the other cryptocurrencies, but it will be a simple wallet of digital currencies, NFTs and tokens in general that will be secure and reliable. 

The benefits offered by the new service

This first phase will give the Paris group’s clients the opportunity to become familiar with digital currencies, but this does not exclude that in the near future there will be the possibility by investors tout court and clients in general to trade in all its meanings (short, bulk, etc.). 

According to insiders, the program of collaboration between the Swiss and transalpine companies is only at the beginning and will develop in stages that will lead BNP to become a full-fledged Exchange like Binance or Coinbase. 

In the meantime, the institution’s stock in Paris is registering +3.34% this week with a slight reversal of 0.67% to €43.64 in today’s trading, which is also a child of the current macro picture.

The stock had a significant surge this week that led it to recover one-seventh of the value lost in the past six months.