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You are at:Home»Crypto»European Banking Giant BNP Paribas to Introduce Crypto Custody Services (Report)
Crypto

European Banking Giant BNP Paribas to Introduce Crypto Custody Services (Report)

Paul EasterBy Paul EasterJuly 20, 2022No Comments2 Mins Read
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BNP Paribas – a French international banking group – reportedly partnered with Metaco to start providing cryptocurrency custody services to its clients.

  • According to a recent coverage, one of the leading banks in Europe – BNP Paribas – entered the digital asset universe by joining forces with the Swiss-based crypto custody provider – Metaco – and the blockchain platform – Fireblocks.
  • As a result, the French monetary institution will be able to offer cryptocurrency custody services to its 60 million customer base.
  • BNP Paribas is the second-largest banking group on the Old Continent, after HSBC, and one of the biggest across the globe. It has over 190,000 employees and around $612 billion in assets under management.
  • It is worth noting that Metaco has guided similar initiatives before. Last month, the multinational financial services firm – Citibank – joined forces with it to introduce crypto custody services to customers.
  • Another major organization that offers such solutions to users is America’s oldest bank – BNY Mellon. In 2021, it started handling the bitcoin holdings of its institutional clients.
  • Shortly after, it extended the service to Ireland through a new digital asset unit set in Dublin, called “Digital Innovation Hub.” The latter received the nation’s central bank approval to act as a custodian for cryptocurrencies like bitcoin, non-fungible tokens (NFTs), and CBDCs (when launched).
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