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European Bank to Launch Cryptocurrency Custody Service

cryptoknowmics.com 15 September 2021 23:30, UTC
Reading time: ~2 m

According to two persons familiar with the plans, CACEIS, the European custody and asset-servicing bank owned by Crédit Agricole and Banco Santander is in the middle of launching a cryptocurrency custody service.

European Bank, CACEIS Is Launching A Cryptocurrency Custody Solution

The bank, which has $4.96 trillion in assets under custody, is collaborating with Metaco, a Swiss-based custody technology vendor. 

Metaco already serves many European banks, including BBVA and Standard Chartered.

CACEIS is seeking a full-service supplier who is integrated into the crypto market to meet all of their demands, not just custody.

Following the merger of the two banks' custody and asset-servicing divisions in 2019, CACEIS is (69.5%) owned by Crédit Agricole and (30.5%) controlled by Banco Santander. 

CACEIS, headquartered in Paris, has a large presence throughout Europe, particularly in Germany. which serves asset managers, insurance companies, pension funds, banks, private equity, and real estate funds, brokers, and corporate customers.

BNY Mellon Will Hold And Transfer Bitcoin And Other Cryptocurrencies, Including Stablecoins

Bank of New York Mellon Corp., the country's oldest bank with $2 trillion in assets under management (AUM), has finally joined the Bitcoin bandwagon. 

This decision is being taken in response to a shift in mood and regulatory certainty around cryptocurrencies, as well as because “digital assets represent the future.”

“We're seeing more demand from current clients looking for exposure to digital assets,” said Mike Demissie, the business executive in charge of its digital assets segment, to Forbes.

“We are also witnessing increased demand from prospective customers, notably digital native firms in the digital asset area searching for BNY Mellon's core investment services.”

BNY Mellon, a custody bank, will retain, transfer, and issue bitcoin and other cryptocurrencies on behalf of its clients. 

The offering is still seeking approvals, but it is scheduled to begin later this year. 

Eventually intends to treat digital currencies like if they were any other asset on its marketplace.

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