Sandro Pierri, CEO of BNP Paribas Asset Management, which has $530 billion in assets under management, flatly rejects the idea of entering the cryptocurrency market.
The target is to increase liquidity
According to Financial News, the French fund management group has no plans for crypto. However, Pierri’s statements show that the company is enthusiastic about blockchain technology.
The CEO of the giant company believes that this technology can be used to increase liquidity with the help of tokenization, which is exactly where BNP Paribas has focused on its investment arm.
Last July, it was written that BNP Paribas, which holds $13 trillion in assets on behalf of its clients, wants to enter the crypto custody service space. The French banking giant announced that it has formed a partnership with Switzerland-based crypto infrastructure provider Metaco.
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Societe Generale, another major French investment bank, recently launched new services for asset managers looking to diversify their portfolios with digital assets. The bank cited the increasing consumer demand as the reason for this.
On the other hand, Societe Generale described Bitcoin’s price action as “irregular” last year, suggesting that gold is a better stabilizer than its virtual rival.
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