BPCE Group, the second largest bank in France, is reportedly planning to allow its customers to invest in Bitcoin and other digital currencies in 2025.
Local media group Big Whale reported the development today, noting that BPCE Group will launch the new service through its crypto subsidiary, Hexarq.
Citing sources familiar with the development, the Big Whale said Hexarq will integrate the service into the Banque Populaire and Caisse d'Épargne networks of BPCE Group to strengthen customer loyalty.
Hexarq gets crypto license
In the meantime, Hexarq is already preparing to allow BPCE Group customers to invest in crypto. According to the report, the crypto subsidiary recently received a PSAN license from France's Autorité des marchés financiers (AMF), allowing it to offer crypto-related services.
Under regulatory approval, Hexarq users will be allowed to buy, sell and hold cryptocurrencies. According to the report, Hexarq is the second bank after SG Forge and the fourth company to receive a PSAN license in France.
BPCE Group Profile
For context, BPCE Group is a major banking company in France. It was established in 2009 following a merger between two retail banking groups, Groupe Banque Populaire and Groupe Caisse d'Épargne.
It has become one of the largest banking groups in France. As of 2023, the BPCE Group was ranked as the second largest banking group in France and the 17th largest global asset manager, with net banking income of €22.2 billion ($23.1 billion).
Data from Statista shows that the banking group's assets under management amounted to €1.54 trillion ($1.6 trillion) as of 2023.
In addition, it serves 35 million customers across more than 50 countries. As a result, BPCE Group's decision to offer the new investment service could boost crypto adoption among its 35 million customers.
Other banks include Crypto Exchange Service
At the same time, BPCE Group is not the only bank that wants to expose its customers to cryptocurrencies. Last month, Hong Kong's largest virtual bank, Za Bank, launched a crypto trading service on its mobile application, allowing customers to trade digital assets such as Bitcoin (BTC) and Ethereum (ETH). buy and sell on the platform.
In September, German private banking institution Commerzbank also launched crypto trading and custody services for its clients. It initially rolled out the service to 26,000 corporate customers, introducing them to BTC and ETH.
Recall: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect The Crypto Basic opinion. Readers are encouraged to do their due diligence before making any investment decisions. The Crypto Basic is not responsible for any financial loss.
Source: https://thecryptobasic.com/2024/12/20/france-second-largest-banking-group-bpce-to-launch-bitcoin-and-crypto-investment-service-for-its-35m-users/ ?u tm_source=rss&utm_medium=rss&utm_campaign=france-second-as major-bank-group-bpce-to-launch-bitcoin-and-crypto-investment-service-for-its-35m-users
