Since 2017, CACEIS has shown interest in cryptocurrencies and the industry around them. The company of French origin has assets in the custody of almost USD 5 trillion.
French bank CACEIS, a specialized entity regarding custody for institutional clients, has current plans to incorporate bitcoin (BTC) and cryptocurrencies into the stock of services.
With this goal in mind, the European banking giant would be setting new strategies with the Swiss firm Metaco. The latter company defines itself, on its website, as a leading platform that brings companies the opportunity to protect, market, issue, and manage digital assets.
The new CACEIS plans got reported by the specialized newspaper CoinDesk, which relies on two sources familiar with the bank and its intentions, and that decided to hide their identity.
The sources clarified that neither of the two companies participating in the commercial alliance wanted to comment on anything.
According to the sources consulted, the implementation by CACEIS will not be just a simple custody service but something that is comprehensive and addresses various needs.
Alliances, Promoting, and the Vital impact of Bitcoin
The French bank and its interest in bitcoin and cryptocurrencies are not new. Back in 2017, CACEIS signed an alliance with the Bitstamp exchange, a situation that appeared on various media outlets at that time.
The agreement allowed mutual fund promoters working with the financial institution to receive new investments in BTC, both from retail and corporate clients.
Back then, when institutional investments in cryptocurrencies were not yet something quite common, the then CEO of CACEIS, Joe Saliba, had highlighted that, as a digital currency, bitcoin was already generating a considerable impact on the financial world.
The executive added that the entity believed in this cryptocurrency and its capacity to increase as more fund promoters accept bitcoin investments.
A bank with 16 years of experience and at least USD 5 billion in custody
Among the services that CACEIS offers to its clients are the custody of cash and other assets, accounting, management, administration, investment portfolio insurance, investment management, and data analytics.
The bank, which met its foundation back in 2005 and has its headquarters in Paris, currently has assets in custody amounting to € 4.2 trillion (USD 4.96 trillion).
The entity works as a subsidiary of Crédit Agricole, a company that offers financial services to institutional investors and also has a capital investment from the Spanish bank Santander, which is part of the company that manages CACEIS.
In other places around the world, various banks offer bitcoin custody services for individual or corporate clients. The Bank of New York Mellon (BNY) is one of these banks. The bank of New York Mellon is the oldest bank and one of the pillars in the United States of America’s economy.
By: Jenson Nuñez
