French Bank BNP Paribas Enters Cryptocurrency Custody Space
Partnership with Metaco and Fireblocks
Background and Expansion into Crypto
BNP Paribas, France's largest bank by capitalization with €13 trillion in custodial assets, has entered the digital currency custody space through partnerships with Swiss digital asset safekeeping firm Metaco and Fireblocks.
The new crypto services offered by BNP Paribas include crypto asset exchanges, crypto asset lending and staking products, decentralized finance (DeFi) platforms, non-fungible tokens (NFTs), and stablecoins.
Collaboration with Metaco and Fireblocks
BNP Paribas' partnership with Metaco and Fireblocks will provide the bank with access to a secure and compliant platform for storing and managing digital assets.
Metaco is a leading provider of digital asset custody solutions for financial institutions, while Fireblocks is a provider of blockchain-based security technology.
Regulatory Landscape and Future Prospects
The European Commission's proposed Markets in Crypto-Assets (MiCA) regulation, introduced in September 2020, aims to provide a sound legal framework for crypto-assets in the European Union.
BNP Paribas' entry into the cryptocurrency custody space aligns with the growing adoption of digital assets by financial institutions and the increasing regulatory clarity surrounding the industry.
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