- BPCE Group, through its crypto subsidiary Hexarq, is launching a new customer loyalty service to integrate cryptocurrency services for its 35 million customers.
- Hexarq has received the PSAN license from France’s AMF, which allows it to offer crypto services such as buying, selling, and safekeeping digital assets.
- BPCE becomes the second bank in France to gain this accreditation, highlighting the country’s evolving regulatory stance on digital currencies
In the significant move toward embracing cryptocurrency, BPCE (Banque Populaire and Caisse d’Epargne) Group is about to launch a new customer loyalty service via its crypto subsidiary, Hexarq. Local media, the Big Whale, reported the development today, citing sources familiar with the situation.
HexaGroup is preparing to integrate its services into Banque Populaire and Caisse d’Epargne, two important networks of the BPCE Group. By integrating its operations into the internal network infrastructure, 35 million BPCE customers will soon be able to engage in crypto activities, a milestone move forwarded by one of France’s largest banking institutions.
As part of this process, Hexarq was recently granted the highly recognized PSAN (Prestataire de Services sur Actifs Numériques) authorization by France’s financial regulator, Autorité des marchés financiers (AMF), in a move that is considered a regulatory nod of approval to offer a suite of crypto services, including purchasing, selling, and safekeeping digital assets.
With this PSAN license, Hexarq is becoming the second bank in France to get such an accreditation after SG Forge and a fourth company in general. This is an important milestone for France, which has only recently started actively working on its regulatory framework regarding virtual currencies and digital assets.
BPCE Group Joins the Crypto Revolution in French Banking
For context, BPCE Group is one of the biggest players in the French banking market. Created in 2009 by the merger between Groupe Banque Populaire and Groupe Caisse d’Épargne, it has since grown into the second-biggest banking group in France and the 17th-largest global asset manager, recording a net banking income of €22.2 billion ($23.1 billion). According to Statista, the total value of assets under management within the group came to €1.54 trillion ($1.6 trillion) in 2023.
BPCE Group’s move to introduce crypto-related services through Hexarq presages a sea change in the banking industry, with digital currency adoption likely to accelerate among its vast customer base. Interest in digital assets is growing, and BPCE Group wants to offer its customers a modern, diversified investment opportunity that fits into global trends.
The move reflects the broader trend in the banking industry, with more and more financial institutions experimenting with ways to adopt Digital currencies. In November, Za Bank, Hong Kong’s largest virtual bank, introduced crypto trading on its mobile app, enabling users to trade digital assets such as Bitcoin and Ethereum. Germany’s Commerzbank launched crypto trading and custody services in September, initially targeting its 26,000 corporate clients.
As BPCE Group joins major institutions offering digital currency services, it may play a pivotal role in driving the mainstream adoption of digital currencies in France and beyond.
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