BNP Paribas will use Bitcoin and Crypto to enter custody. Other large banks are trying to expand in the crypto custody service, including BNP Paribas. They have been rumored to work with Metaco in this partnership. However, none of them have responded to this recent news. It is still unclear what is the role of Metaco in this partnership.
💥BREAKING: French banking giant BNP Paribas will offer #Bitcoin and crypto custody services.
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) July 19, 2022
About BNP Paribas
BNP Paribas is one of the biggest French banks in the world. With its big name, it’s no wonder they decided to enter the digital asset world. The recent news is interesting in the crypto world as BNP Paribas is a leading global custodian. Earlier this year, BNP Paribas announced its Broker-to-Custody to generate customer services. They also partnered with Luxembourg bank, Spuerkeess. In this event, BNP Paribas is said to have gained EUR 12.6 Trillion in Securities Services.
What is Crypto Custody Service?
A Crypto custody service is a security system that shows your ownership of the funds in the wallet. It usually involves a third party for the storage system and safekeeping. Crypto custody service is necessary to protect the assets.
BNP Paribas Will Work with Metaco
The information regarding BNP Paribas working with Metaco, a digital asset safekeeping from Switzerland, has been speculated online. Previously, Metaco made a deal with several banks regarding the crypto world. Some of them are focusing on tokens and other financial activities. As for the partnership with BNP Paribas, Metaco has not commented regarding this news yet.