French banking giant BNP Paribas has partnered with Metaco and Fireblocks to offer cryptocurrency custody services.
The French bank BNP Paribas has announced, through an official press release, its entry into the cryptocurrency sector, offering cryptocurrency custody services.
Custody will be carried out by agreements with digital asset custody companies Metaco and Firecblocks, who will provide the necessary infrastructure for the entity to carry out its operations.
BNP Paribas' decision to enter the cryptocurrency sector is highly significant as it is one of the leading European banks. In addition, BNP Paribas Securities Services is also one of the leading banks in the world. leading global custodians with nearly $13 trillion in assets under custody.
Metaco, Fireblocks and cryptocurrency custody services in traditional banking
Metaco is a Swiss company that offers infrastructure and services for the custody of digital assets to financial institutions.
Metaco's main product is Harmonize, an orchestration system for digital assets, offering custody, trading, tokenization, staking and smart contract management services, through a platform that allows financial institutions to easily connect to any decentralized finance platform.
The Swiss company has become one of the Top Cryptocurrency Custody Service Providers worldwide. Recently, they have signed partnerships with Societe Generale, Citigroup, Zodia Custody, DBS, UnionBank Philippines and the Spanish bank BBVA.
Fireblocks, for its part, works by offering services and infrastructure for the custody of crypto assets. Currently, it works with BNY Mellon, in its project on the settlement and custody of a digital bond not listed on the French market.
The crypto sector and its effect on traditional banking
For some time now, traditional financial institutions have been Implementing Cryptography Services, sometimes driven by strong demand from their customers. This is a clear sign that crypto technology is changing the banking sector and traditional financial.
In this regard, the Central Bank of Nigeria has Recognized that cryptocurrencies and blockchain technology have introduced great innovations in the sector, which has forced major institutions around the world to change the way they operate.
Godwin Emefiele, governor of the Central Bank of Nigeria, acknowledges the risks of this new technology, but is also convinced that it will bring great benefits.
The governor of the BCN believes that crypto technology, digital payments, artificial intelligence and machine learning have brought great changes to the sector, Therefore, traditional institutions need to adapt to them, changing regulations and adapting them to the new needs of the sector.
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