Coindesque reported that BNP Paribas, France’s largest bank, will enter the cryptocurrency custodian (trust business) sector in partnership with Swiss digital asset storage company Metaco.
BNP Paribas is a mega-organization with $13 trillion in assets.
Metaco recently signed a custom technology contract with another French bank, Societe Generale. Metaco previously signed similar contracts with other banks such as Citigroup, BBVA, and DBS.
According to Coindesk reports, the service Metaco will provide to Societe Generale and Citigroup is known to focus on securities tokens rather than pure cryptocurrency.
Meanwhile, in March, BNP Paribas diagnosed that blockchain is likely to be the most innovative technology in the fund industry.
Paul Daily, director of asset product solutions at BNP Paribas Security Service, and Carol Michelle, senior manager of asset distribution, said in a foreign press article, “As interest in cryptocurrency increases, it is possible to digitize and tokenize equity funds.”