Bank and cryptos – Société Générale Securities Services (SGSS) is accelerating the adoption of bitcoin (BTC) and ether (ETH) in France, with its new service for asset managers.
Société Générale launches a tricolor crypto fund
The institutional adoption of cryptocurrencies is adorned with the colors blue, white, red. In a press release dated September 14, Société Générale Securities Services announced the launch of its new services, intended for asset managers wishing to offer funds established on cryptocurrencies.
These management companies will thus be able to develop new offers, “in a simple and appropriate manner, within the European regulatory framework”.
French asset manager Arquant Capital SAS has adopted this new SGSS service related to digital assets. The company, approved by the Autorité des marchés financiers (AMF), has launched its range of professional crypto funds “under French law”. Arquant Capital SAS offers two products based on Bitcoin and Ether, and their derivatives.
The SGSS is thus aware of the growing investor demand for cryptocurrencies. David Abitbol, who heads SGSS, underlined the increase in the company’s ability “to meet the diversification needs of asset managers”, thanks to this combination of his expertise with that of Arquant Capital.
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An opening to Bitcoin, after several initiatives in decentralized finance
For several years, Société Générale has been interested blockchain application cases in the decentralized finance, while she initially preferred to keep her distance from Bitcoin.
In 2017, Severin Cabannes, Deputy CEO of Société Générale, pointed out that his company was very inclined “to invest in blockchain technology”, but not in Bitcoin.
As early as 2019, Société Générale SFH had issued on EthereumHousing Finance Bonds (OFH) in the form of security tokens. In 2021, Société Générale Forge chooses blockchain Tezos (XTZ) for the launch of the first tokenized structured product.
Last year, Sylvain Prigent, co-founder of SG Forge, also posted a proposal on behalf of his company, on the governance module of MakerDAO, to request the addition of a new type of collateral that can be used to take out DAI loans.
France may not appear in some rankings relating to major crypto events, but its crypto ecosystem is growing gradually over time.
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