In what is an important development for the cryptocurrency sector, France’s second-largest bank, Groupe BPCE, is officially set to launch Bitcoin and cryptocurrency investment services. Indeed, the services will launch for the bank’s 35 million users, according to an official notice from the country’s financial regulator, Autorité des Marchés Financiers (AMF).
The bank’s cryptocurrency business, Hexarq, is now officially approved to begin providing a host of digital asset-related services. Specifically, those authorizations include crypto custody, buying, selling, and trading the tokens against the Euro.
JUST IN: France’s second-largest bank, Groupe BPCE to launch Bitcoin and cryptocurrency investment services for its 35 million users.
— Watcher.Guru (@WatcherGuru) December 20, 2024
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Second-Largest Bank in France Approved to Launch Crypto Investment Services
There is no denying how important 2024 has been to the crypto sector. The asset class has risen to prominence in an unprecedented year that kicked off with the US approving the first crypto-based ETFs in the country. Things only magnified in November, with Donald Trump’s election win pushing Bitcoin beyond six figures for the first time ever.
With the end of the year fast approaching, ground-breaking developments have not slowed. Indeed, France’s second-largest bank, Groupe BPCE, is set to launch Bitcoin and cryptocurrency investment services. The announcement comes as the bank has received regulatory approval from the country’s AMF agency.
Source: Reuters
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The bank is expected to move rather quickly in its rollout of these crypto services. Indeed, various reports suggest that Hexarq will begin offering crypto-related services at some point in 2025. The digital asset subsidiary was first launched in 2021. Moreover, it is a platform that focuses on both cryptocurrencies and tokenization.
The newly announced services will reportedly be integrated into BPCE’s official banking networks. This will open up the services to the bank’s total user base, with its total assets under management reaching heights of $1.3 million by September 2024. Altogether, it should be yet another massive moment for Bitcoin on a global scale. Its growth should continue to fast-track in the coming year.
