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Societe Generale French Bank Introduces A Digital Asset Service For Asset Managers
Societe Generale, the third-largest bank in France by market capitalization, gave feedback on the increased thirst of investors looking to incorporate cryptocurrencies into their portfolios.
Andrew
7:56 22nd Sep, 2022
Adoption

The French bank has issued unique services for asset managers in France who are looking to develop cryptocurrency funds for their investors. The Asset managers claim that investors are off the hook and in dire need of incorporating digital assets into their portfolios. The increased demand saw portfolio managers and financial advisors match the bank’s demand for a new service that supports digital asset funds.

The bank will support the management of assets by portfolio managers who want to offer funds for crypto fanatics among existing retail investors. The bank will act as a digital asset fund custodian as well as manage Fund liabilities.

On Wednesday, the bank announced that the new service would promote cryptocurrency funds developed by asset managers in a very straightforward and modified way. The bank also alliterated that the issuance of the service would comply with European regulations on asset management.

Pioneer Adoption at Early Stages

The new service offered by the French financial institution already has a promising future for French-based portfolio managers and financial advisors. Arquant Capital, a French Asset management firm, has already laid out foundations for developing a crypto fund investing in digital assets. The firm has stated to initially begin with Bitcoin (BTC) and Ethereum (ETH) before advancing to other virtual derivatives. It becomes the first fund to be served by the bank.

Societe Generale’s crypto move illustrates how retail investors are thirsty for crypto and that mainstream cryptocurrency adoption is imminent. As of 2021, Societe Generale Bank had over $1.6 trillion in assets, making it top ranks as one of the biggest banks in Europe.

The CEO of Arquant stated that the firm sees an early opportunity to grab investors as the bank offers a creative method of structuring, allowing the firm to scale its investment portfolio to cryptocurrencies, thereby increasing the value created for French-based fund consumers.

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