French Bank Societe Generale Forays Into Crypto Sector

  • Arquant Capital SAS has already launched its new banking service.
  • The bank will market the service under the moniker “Finance Innovation.”

According to a statement released on Wednesday, French Bank Societe Generale, the third largest French bank by market cap is entering the cryptocurrency fund industry in response to rising investor demand. Cryptocurrencies and other forms of digital assets are gaining the attention of investors and businesses. So, SGSS Bank is making an effort to meet these demands.

The bank stated:

 “SGSS now offers asset managers to act as a fund custodian, valuator, and liability manager. The services offered by SGSS allow asset management companies to enhance their offer in a simple and adapted manner, within the European regulatory framework.”

Rising Demand From Investors

Arquant Capital SAS, a French asset management firm, has already launched its new banking service. In addition, the French Financial Markets Authority has approved the firm for operation. According to Societe Generale, they market the service under the moniker “Finance Innovation.” To begin, Bitcoin, Ether, and derivatives provide the primary basis for the two items that make up the starting range in euros.

David Abitbol, Director of Societe Generale Securities Services stated.

“By combining Societe Generale’s innovation expertise with Arquant Capital’s technical skills, we are expanding SGSS’ ability to meet the diversification needs of asset managers.”

With approximately $1.6 trillion in assets as of 2021, Societe Generale is one of Europe’s major banks. This move exemplifies the eagerness of traditional financial institutions to provide cryptocurrency-related services to meet rising consumer demand.

Eron Angjele, CEO of Arquant Capital stated:

“This solution provides Arquant Capital with an innovative structuring that allows us to scale our offering and focus on creating value for our clients.” 

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