The firm is also in the process of testing a digital euro together with the European Central Bank.
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 manager. 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 (BTC), Ether (ETH) and other derivatives. David Abitbol, director of Societe Generale Securities Services, commented:
"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."
Meanwhile, Eron Angjele, CEO of Arquant Capital, wrote:
"This solution provides Arquant Capital with an innovative structuring that allows us to scale our offering and focus on creating value for our clients."
Société Générale Security Services is ranked among the three largest European custodians and the top 10 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 also 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.
via cointelgraph.com
