Building Bridges in Digital Finance
On Wednesday, Société Générale, one of Europe’s heavyweight investment banks, unveiled plans to broaden its cryptocurrency asset management offerings through its Security Services subsidiary. This strategic move can be likened to giving a hand up to digital asset fund managers, offering them a powerful custodial, valuation, and liability management tool to seamlessly integrate cryptocurrencies into the portfolios of traditional institutional investors.
New Partnerships in the Crypto Space
Hot off the press, their latest partner is Arquant Capital SAS, a reputable asset management company in France. With two euro-denominated digital asset products in their arsenal, including Bitcoin (BTC), Ether (ETH), and a bouquet of derivatives, Arquant is ready to dive deep into the digital frontier. David Abitbol, the director of Société Générale Securities Services, emphasized their collaborative approach, stating:
“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.”
Innovative Solutions for Modern Needs
Eron Angjele, the CEO of Arquant Capital, shared his excitement about the new partnership, noting that this robust solution enables them to enhance their offerings and focus on delivering value to their clientele. It’s like giving them a turbo boost to scale operations in the ever-evolving crypto landscape.
A Look at the Numbers
Société Générale Security Services is a titan in the fiduciary world, ranked among Europe’s top three custodians and making the global top ten list as well. With over $4.277 trillion in assets under custody, they’ve established a solid foundation by providing trustee services for 3,312 funds and valuation for 4,426 funds. Add to that a workforce of over 4,000 spread across 22 global locations and you can see that they mean business!
Previous Innovations on the Blockchain
This isn’t Société Générale’s first foray into the world of blockchain. They’ve previously issued euro bonds on the Ethereum blockchain and proposed DAI stablecoin loans in exchange for bond tokens. Their security token, existing on the Tezos blockchain, is another feather in their cap. Moreover, they are actively collaborating with the European Central Bank to pioneer a digital euro. Talk about keeping up with the times!
