BNP Paribas taps Swiss firm Metaco to develop crypto custody: report

French bank BNP Paribas (BNP) is reported to be making a huge entry into the crypto space, looking to partner Swiss-based digital assets firm Metaco to unveil a crypto custody service.

This is according to a report by CoinDesk published on Tuesday, and which cited sources familiar with the development.

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Top banks eye crypto custody services

The report on the French banking giant’s move comes amid increased interest in the crypto custody space by major banks across the globe, most of them undeterred by the crypto winter and the current turbulence.

BNP Paribas, through its custodian subsidiary the BNP Paribas Securities Services, is making such a move, people privy to the deal with Metaco said.

The news also comes on the back of similar developments involving the Swiss-based crypto custody solutions provider. In June, Metaco inked a deal with global banking giant Citigroup on a digital asset custody project for tokenised securities.

In the same month, the platform partnered Societe Generale in a deal that will also see the French financial services firm pilot a crypto asset custody platform for security tokens.

Other banking giants to tap the Swiss crypto custody specialist are BBVA, DBS Bank and UnionBank Philippines.