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BPCE Group, the second-biggest bank in France, reportedly plans to allow its customers to invest in Bitcoin and other cryptocurrencies in 2025.
Local media outlet Big Whale reported the development today, noting that BPCE Group will launch the new service through its crypto subsidiary, Hexarq.
Citing sources familiar with the development, the Big Whale claimed that Hexarq will integrate the service into BPCE Group’s Banque Populaire and Caisse d’Épargne networks to enhance customers’ loyalty.
Hexarq Secures Crypto License
In the meantime, Hexarq is already preparing to enable BPCE Group’s customers to invest in crypto. According to the report, the crypto subsidiary recently received PSAN authorization from France’s Autorité des marchés financiers (AMF), allowing it to offer crypto-related services.
Under the regulatory approval, Hexarq users will be allowed to buy, sell, and hold cryptocurrencies. Per the report, Hexarq is the second bank after SG Forge and the fourth company to secure PSAN approval in France.
BPCE Group Profile
For context, BPCE Group is a major banking company in France. It was established in 2009 following a merger between two retail banking groups, Groupe Banque Populaire and Groupe Caisse d’Épargne.
It has become one of the biggest banking groups in France. As of 2023, BPCE Group ranked as the second-largest banking group in France and the 17th-largest global asset manager, with a net banking income of €22.2 billion ($23.1 billion).
Data from Statista shows that the banking group’s assets under management amounted to €1.54 trillion ($1.6 trillion) as of 2023.
Furthermore, it serves 35 million customers across more than 50 countries. As a result, BPCE Group’s decision to offer the new investment service could foster crypto adoption among its 35 million customers.
Other Banks Introduce Crypto Trading Service
Meanwhile, BPCE Group is not the only bank seeking to expose its customers to cryptocurrencies. Last month, Hong Kong’s largest virtual bank, Za Bank, launched a crypto trading service on its mobile application, allowing customers to buy and sell digital assets like Bitcoin (BTC) and Ethereum (ETH) on the platform.
In September, Germany’s private banking institute Commerzbank also launched crypto trading and custody services for its clients. It initially rolled out the service to 26,000 corporate customers, granting them exposure to BTC and ETH.