European Bank with $2.6 Trillion AUM Is Launching Crypto Custody Service

CACEIS, which has $4.96 trillion in assets under custody, is nearing the launch of a crypto custody service, reported CoinDesk, citing two people familiar with the plans. The bank, which has $4.96 trillion in assets under its custody, is working with a Swiss-based custody technology provider Metaco. Metaco already provides its services to a number of European lenders, including BBVA and Standard Chartered. CACEIS is looking for a comprehensive service provider which is integrated into the crypto market to address their various needs and not just custody. The Paris headquartered bank is owned by Crédit Agricole (69.5%) and Banco Santander (30.5%) and provides its services to asset managers, insurance companies, pension funds, banks, private equity, and real estate funds, brokers, and corporate clients. Earlier this year, the world’s largest custodian and the oldest bank in the US, BNY Mellon, announced that it would hold and transfer Bitcoin on behalf of its clients for which it invested in custody tech firm Fireblocks. At the time, it further said that it would also cover stablecoins, tokenized securities, real assets, and eventually even central bank digital currencies (CBDCs) in its digital asset unit.