European Banking Giant BNP Paribas to Introduce Crypto Custody Services (Report)

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BNP Paribas – a French international banking group – reportedly partnered with Metaco to start providing cryptocurrency custody services to its clients.

  • According to a recent coverage, one of the leading banks in Europe – BNP Paribas – entered the digital asset universe by joining forces with the Swiss-based crypto custody provider – Metaco – and the blockchain platform – Fireblocks.
  • As a result, the French monetary institution will be able to offer cryptocurrency custody services to its 60 million customer base.
  • BNP Paribas is the second-largest banking group on the Old Continent, after HSBC, and one of the biggest across the globe. It has over 190,000 employees and around $612 billion in assets under management.
  • It is worth noting that Metaco has guided similar initiatives before. Last month, the multinational financial services firm – Citibank – joined forces with it to introduce crypto custody services to customers.
  • Another major organization that offers such solutions to users is America’s oldest bank – BNY Mellon. In 2021, it started handling the bitcoin holdings of its institutional clients.
  • Shortly after, it extended the service to Ireland through a new digital asset unit set in Dublin, called “Digital Innovation Hub.” The latter received the nation’s central bank approval to act as a custodian for cryptocurrencies like bitcoin, non-fungible tokens (NFTs), and CBDCs (when launched).

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