The announcement of the new product from Societe Generale was also accompanied by the announcement that the new product has now been adopted by Arquant Capital SAS.
French multinational financial services giant, Societe Generale SA (EPA: GLE) has launched a new service for asset managers whose clients are making high demands for crypto-related offerings. The move comes as one of the most ambitious avenues by which the banking giant, ranked as the third largest in France and one of the biggest in Europe will be offering a crypto-linked service.
The new product from the bank will offer asset managers to act as fund custodians, valuators, and liability managers. The services that will be offered by the bank will be backed by extant laws and comply with all regulatory laws in the European Union.
“By combining Societe Generale’s innovation expertise with Arquant Capital’s technical skills, we are expanding SGSS’ ability to meet the diversification needs of asset managers,” said David Abitbol, Director of Societe Generale Securities Services.
Banks are transitioning into a new era that is boldly featuring cryptocurrencies. The demand for crypto-related services is high from both retail and institutional investors and in order not to lose this market share, financial institutions are exploring avenues to offer services that can serve these demographics.
That Societe Generale is launching this new product will not be the first of its kind as France’s largest banking firm, BNP Paribas SA (EPA: BNP) has also floated a cryptocurrency custody service. The BNP Paribas offering is in partnership with Metaco, a Switzerland-based digital asset safekeeping firm.
Societe Generale and Arquant Capital Embrace
The announcement of the new product from Societe Generale was also accompanied by the announcement that the new product has now been adopted by Arquant Capital SAS. Arquant Capital is an asset management company that is licensed by the French Financial Markets Authority (AMF, “Autorité des marchés financiers”).
Through the backing from Societe Generale, Arquant Capital will be floating a range of specialized professional funds that will be backed by the extant laws in France. The funds will be actively managed and will make investments in digital currencies. According to the shared announcement, the first two products of the range in euros are mainly based on Bitcoin (BTC), Ethereum (ETH), and derivatives.
“This solution provides Arquant Capital with an innovative structuring that allows us to scale our offering and focus on creating value for our clients,” adds Eron Angjele, CEO of Arquant Capital.
Over time, the banking giant with over $1.6 trillion will seek to onboard more asset managers to use the new product. Considering the current trend, more banking institutions in the United States and around the world are poised to float related products, offering asset managers expanded options to meet their client’s demands.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Source: https://www.coinspeaker.com/societe-generale-crypto-asset/