- BNP Paribas, a leading private bank in the Eurozone, would enter the custody space for bitcoin and other cryptocurrencies.
- The bank will partner with Metaco, a Swiss digital asset custody company that already has banking partnerships.
- It is unclear whether or not Metaco will serve as a custodian or consultant and which digital assets will be central to the bank.
With more than $506 billion in assets in the United States, Asia and Europe, BNP Paribas Wealth Management relies on more than 6,800 professionals across an international network, making it the leading private bank in the world. Eurosystem – the monetary authority of the Eurozone encompassing 19 members of the European Union. In addition, BNP Securities Services, the bank’s asset custody service, holds over $13 trillion in assets under management.
The bank would be in partnership with Metaco, a Swiss digital asset custody company, to facilitate the necessary infrastructure that the bank does not currently have. It is unclear whether or not Metaco will serve as depository, or whether the company will provide consulting services to BNP – Metaco and BNP declined to comment on the partnership.
However, the report notes that the service provided by Mateco will focus on security tokens or the tokenization of assets such as stocks and other financial instruments without solely focusing on bitcoin or other cryptocurrencies.
However, Metaco has already announced partnerships with companies like Citigroup, BBVA, Zodia Custody, DBS and Union Bank Philippines. More recently, the French bank Société Générale has also joined forces with Metaco. Previously, Metaco CEO Adrien Treccani discussed the rise of banks entering the ecosystem of holding bitcoin and other cryptocurrencies in a interview.
“The series of banks that were already working on certain topics suddenly transformed from pilot innovation projects to concrete go-to-market strategies,” Treccani said in an interview. “You’ll start to see a series of announcements involving really big custodians. It’s almost FOMO [a fear of missing out] because these major banking players know that their future depends in some way on this capacity.