BNP Paribas, the first (really) crypto-friendly bank in France?

Kiss Kiss, Bank Bank – This is information to be taken with the usual precautions, reported by the US crypto media Coindesk: BNP Paribas would partner with the Swiss specialist Metaco in order to offer its clients crypto asset management services.

BNP banks apart on crypto

The information would come from “3 people with knowledge of the transaction” without further details. And, if none of the parties contacted by Coindesk has yet confirmed or denied, it is because the subject is as sensitive as it is potentially historic: the French bank BNP Paribas (first European bank, 13 trillion dollars in assets under management, 7 million customers) is preparing to offer… services related to crypto!

Fragments of information having leaked out, we learn that these potential “cryptoasset custody” services – without further details – would be set up within the framework of a partnership with Metaco. Metaco is a Swiss company specializing in the custody of digital assets for institutions.

And, if the name of the discreet Metaco seems familiar to you despite everything, it is because this Swiss company, founded in 2014, has built up solid expertise in the management and custody of crypto assets. Metaco is aimed at professionals from the world of finance and the banking ecosystem… especially in French.

Metaco thus entered into a partnership in early 2022 with the division To forgebranch specializing in the blockchain of Société Générale.

Forge-Metaco partnership
Real people don’t have ties

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Cryptocurrencies at BNP, a first step but a long way

As for BNP Paribasas the world’s 8th largest banking group, no one will pretend to be surprised by its keen interest in the crypto economy, the Decentralized Finance and blockchain technologies. Thus, we learned just a few weeks ago that the French giant was now negotiating tokens on the network OnyxJP Morgan’s private blockchain.

If the initial information has come to be confirmed (it is rumored that press releases would be ready to go), we will then have more precise elements regarding this great symbolic step forward. This is all the more so as it would concern a national banking ecosystem reputed to be cautious on the subject of crypto and traditionally more effective in hindering its customers in their attempts to interact with crypto players such as Binance or Coinbase (testimonials to this effect abound).

Still, probably don’t expect to be able to deposit bitcoin or withdraw Ether at the downtown branch (at least, not before 2035). In all likelihood, the services that BNP Paribas may distribute will primarily target large institutional clients and the very exclusive club of individuals with strong assets. A sufficient step to make lie this representative of BNP Paribas who explained learnedly, not long ago, that Bitcoin “was doomed”.

If we are familiar with the current slogan of the banking giant “The bank for a changing world”, some may remember that in 1974, the bank communicated around a disarming “To be frank, your money m ‘interested “. In 2022, is BNP Paribas preparing to show the same interest in the cryptocurrencies of its customers ?

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