Societe Generale launches custodial services for crypto fund managers
According to a new press release on Wednesday, Société Générale, one of the largest investment banks in Europe, said that it would be expanding its cryptocurrency asset management services through its Security Services subsidiary. Clients who are digital asset fund managers can now elect to have Société Générale as their fund custodian, valuator and liability managers. The tools are designed to facilitate the addition of cryptocurrencies into institutional investors' portfolios.
The firm's most recent client is Arquant Capital SAS, a licensed asset management company in France with two euro-denominated digital asset products consisting of Bitcoin, Ether, and other derivatives. David Abitbol, Director of Societe Generale Securities Services, commented:
Meanwhile, Eron Angjele, CEO of Arquant Capital, wrote:
Société Générale Security Services is ranked among the three largest European custodians and the top ten worldwide. It has over $4.277 trillion worth of assets under custody, providing trustee services for 3,312 funds and valuation services for 4,426 funds. It has 22 locations worldwide with over 4,000 staff.
In the past, Société Générale has issued euro bonds on the Ethereum blockchain as well as proposed DAI stablecoin loans in exchange for bond tokens. The firm also has a security token on the Tezos blockchain. It is one of the financial behemoths that is currently partnering with the European Central Bank to develop a digital euro.
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