Bank and cryptos – Société Générale Securities Services (SGSS) is accelerating the adoption of Bitcoin (BTC) and ether (ETH) in France, with its new service for asset managers.
Société Générale launches a tricolor crypto fund
The institutional adoption of cryptocurrencies is adorned with the colors blue, white, red. In a release On September 14, Société Générale Securities Services announced the launch of its new services, aimed at asset managers who wish to offer funds established in cryptocurrencies.
These management companies will thus be able to develop new offers, “in a simple and appropriate way, within the European regulatory framework”.
French asset manager Arquant Capital SAS has adopted this new SGSS service related to digital assets. The company, approved by the Autorité des marchés financiers (AMF), has launched its range of professional crypto funds “under French law”. Arquant Capital SAS offers two Bitcoin-based products andEtherand its derivatives.
Therefore, the SGSS is aware of the growing investor demand for cryptocurrencies. David Abitbol, head of SGSS, highlighted the company’s increased capacity “to meet the diversification needs of asset managers”, thanks to this combination of his experience with that of Arquant Capital.
An opening to Bitcoin, after several initiatives in decentralized finance
For several years, Société Générale has been interested blockchain application cases on the decentralized finance, while he initially preferred to keep his distance from Bitcoin.
In 2017, Severin Cabannes, Deputy General Manager of Société Générale, noted that his company was very inclined to “invest in blockchain technology”, but not in Bitcoin.
Already in 2019, Société Générale SFH had issued on Ethereum, Home Finance Bonds (OFH) in the form of security tokens. In 2021, Société Générale Forge chooses blockchain Tezos (XTZ) to Launch First Tokenized Structured Product.
Last year, Sylvain Prigent, co-founder of SG Forge, also posted a proposal on behalf of his company, in the MakerDAO governance module, requesting the addition of a new type of collateral that can be used to obtain DAI loans.
France may not appear in some rankings related to major crypto events, but its crypto ecosystem is gradually growing over time.
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