Societe Generale, the world’s Nineteenth-largest banking conglomerate by property, is partnering with cryptocurrency asset supervisor 21Shares to supply liquidity for its crypto-based exchange-traded merchandise (ETPs) in European markets.
As a part of the partnership, Societe Generale will present liquidity and market-making providers for 21Shares’ cryptocurrency ETPs for traders in Germany and Jap Europe.
The European banking big will present over-the-counter (OTC) liquidity to assist the buying and selling of 21Shares’ Bitcoin (BTC) and Ether (ETH) ETPs, together with its ABTC, CBTC, AETH and CETH-tickered funds, 21Shares announced on Wednesday.
The financial institution’s involvement is anticipated to enhance execution, improve liquidity and simplify entry to crypto funding automobiles for institutional traders.
“We’re thrilled to associate with Societe Generale, a significant participant within the European ETF area, as we proceed to develop entry to our ETPs,” mentioned Alistair Byas-Perry, international head of capital markets and EMEA funding at 21Shares.
“By bringing liquidity to our Bitcoin and Ethereum ETPs, Societe Generale helps us advance our mission to ship probably the most environment friendly and trusted crypto funding options to the market,” he added.
Societe Generale holds over $1.7 trillion in complete property as of 2023, according to S&P International knowledge.
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Partnership continues Societe Generale’s blockchain push
Societe Generale’s partnership with 21Shares is notable, in accordance with Martina Schroettle, head of ETF gross sales buying and selling (UK) at Societe Generale.
“This marks a major milestone in our dedication to offering revolutionary liquidity options and enhancing entry to a variety of ETFs and ETPs for our purchasers,” she mentioned within the announcement.
The financial institution has additionally been exploring further blockchain-related initiatives.
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In September 2024, its blockchain subsidiary, Societe Generale-FORGE, partnered with Bitpanda to advance the adoption of its euro-denominated stablecoin EUR CoinVertible (EURCV).
The partnership got here forward of the total implementation of the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework, the primary complete regulatory framework for the crypto business that went into impact for crypto-asset service suppliers on Dec. 30, 2024.
Cointelegraph has reached out to Societe Generale for touch upon its broader blockchain initiatives however had not obtained a response as of publication.
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