BNP Paribas to launch crypto custody services for clients
METACO and Fireblocks both chosen to help banking group explore crypto services provision
French international banking group BNP Paribas has partnered with METACO, a platform that enables businesses to secure, trade, issue and manage digital assets, so it can start providing crypto custody services.
BNP Paribas Securities Services selected METACO with the intention of integrating the platform’s bank-grade digital asset custody and orchestration platform Harmonize into its banking infrastructure.
Harmonize will allow “institutional clients to store, issue and settle digital securities alongside their traditional assets” as well as underpin BNP Paribas’ institutional custody offering, said METACO.
Fireblocks to be bank’s hot wallet provider
In addition, BNP Paribas has selected crypto custody firm Fireblocks to be its hot wallet, tokenisation and connectivity infrastructure layer, which will help the banking group “explore new, innovative digital asset services”, said Fireblocks.
Michael Shaulov, CEO and co-founder of Fireblocks, said: “BNP Paribas Securities Services is a pioneer in the asset servicing vertical. The team has shown an impressive ability and openness to collaborate alongside key industry players — from fintechs to central banks — to make great strides into the digital asset space.
“We’re proud to support the BNP Paribas Securities Services’ team in their digital asset journey to meet the demand of institutional investors everywhere.”
‘Offering clients a single view of different assets’
Wayne Hughes, head of digital assets at BNP Paribas Securities Services, said: “Our objective is to offer our clients a single view of all these different types of assets for complete transparency, greater operational efficiency and risk management.”
Adrien Treccani, CEO and founder of METACO, said: “Being selected after a very rigorous process is testament to the strength of the value proposition we bring to global banks.
“By leveraging METACO, the bank will deploy the industry-standard digital asset custody and orchestration platform for top tier financial institutions and will be able to offer clients a service underpinned by the highest possible security and scalability, while ensuring full regulatory compliance globally.”