BNP Paribas Is Eyeing Crypto Custody Services: Report

BNP Paribas is eyeing crypto custody services launch as one of the biggest banking groups in the world while considering to partner with a digital asset custody company so let’s read more today in our cryptocurrency news.

The French bank now has about $13 trillion in assets under custody. It joined a long list of institutional companies like Societe Generale and Fidelity in looking to offer client crypto services. The French Banking giant BNP Paribas with $13 trillion in assets under custody can be interested in developing crypto custody services for the clients.

BNP Paribas is eyeing crypto custody services and aims to partner with Metaco to offer custody services for its clients and make it the biggest institutional powerhouse to start dipping its toes in the crypto space. BNP Paribas is the second biggest banking group in Europe and the 9^th biggest in the world and has about $13 trillion in assets under control. Metaco is a Swiss-based company that specializes in digital asset custody and provides trading and DEFI services. Other prominent banks like Societe Generale and Citigroup also came to Metaco for the crypto custody deals.

BNP Paribas is the latest banking giant that showed interest in the crypto space and Societe Generale’s digital asset subsidiary which recently added to Defi stablecoin issuer MakerDAO vaults so the bank will be able to borrow up to $30 million in DAI. US-regualted Huntington Valley Bank can take up to $100 million. In the meantime, the asset management companies were also looking into providing custody services for their clients, and the US investment company Fidelity indicated plans to expand the product by offering ETH and another crypto to their digital asset platforms Fidelity also allowed clients to make BTC a part of their 401K accounts.

The investments and banking companies’ enthusiasm for crypto stands in contrast to the approach taken by regulators and the central governing bodies. The EU Central bank declared a week ago that the eventual BTC ban was probable.

The latest NFT boom saw a few people make a ton of money from digital collectibles from things like virtual lands, sports cards, and artworks, and even tweets which became non-fungible tokens as of late. With this mania evolving, the investors are worried that they are entering another bubble and more recently, John Egan, CEO of the French bank L’Atelier BNP Paribas, opined that the investments in these assets are like gambling adding that they are the riskiest asset in the virtual economy.