The financial giant, Société Générale, provides its customers with a new service related to cryptocurrencies. The announcement by Société Générale, through its subsidiary SG Forges, seems one of the most ambitious on the part of traditional players in centralized finance.
Societe Generale’s offer
Through its new offering, the bank will offer fund managers the opportunity to gain exposure to the crypto market. All this, of course, while respecting the specific laws on the subject, as well as the recommendations of the regulators, the AMF at the forefront.
” By combining the expertise of Société Générale with the skills of Arquant Capital, we are strengthening the capacity of SGSS (Societe Generale Securities & Services) to meet the diversification needs of management companies. says David Abitbol, director of SGSS.
Institutional investors but also individuals increasingly want exposure to the market and the volatility of cryptocurrencies. There is no doubt that the banks have understood this and are looking for the most appropriate response. BNP Paribas is already associated with the Swiss crypto-asset custody platform Metaco.
Arquant Capital partner of Société Générale
The announcement of September 21, 2022 was not just about this new offer. It went hand in hand with the announcement of its first client: Arquant Capital. A French asset management company, Arquant is ready for anything. It has obtained its AMF license (approval GP-202214) and is in accordance with French regulations in order to be able to market digital assets on French territory.
As indicated on the homepage of the website of Arquant Capital : “ Arquant provides its professional and institutional clients with premium investment solutions allowing them to diversify their investments in digital assets. » Management company founded in 2021 and « convinced by the disruptive nature of digital assets there is no doubt that it will greatly benefit from the aura of Société Générale to inspire confidence in its future clients. This support from the bank allows it to launch a range of specialized professional funds invested in digital currencies and actively managed by the manager. According to the statement, the first two products in the range will be backed by bitcoin (BTC), Ethereum (ETH) and their respective derivatives, and all will be marketed in euros. According to the press release from Société Arquant, the CEO, Eron Angjele, sees here the opportunity to focus, his teams and himself, on creating value for their clients by delegating the structuring to Société Générale.
Conclusion
The position of the banking giant and its more than 19 billion dollars in capitalization seems almost cautious. For the time being, he does not wish to expose himself personally to cryptoassets, but to offer an all-in-one solution for his clients. We are a long way from a Livret A BTC », as proposed by the sales advisors in Societe Generale agencies, but there is no doubt that we are defining the contours of a B-to-B offer adapted to the needs of more specialized companies in the field. Let’s look at the fund’s marketing strategy: will it be intended for individuals as part of an Ordinary Securities Account (CTO)? Will he be eligible for PEA or certain life insurance contracts? Everything remains to be done, but the power of a super-bank will necessarily help both parties: reassure investors and reassure the competent authorities.
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