Bitcoin: good news if you are a BNP Paribas customer

News hardware Bitcoin: good news if you are a BNP Paribas customer

Between banks and cryptocurrencies, it hasn’t always been a great love story, and for good reason … Bitcoin, “king” of cryptocurrencies, wants to be an alternative solution to the current banking system. However, according to recent news, the trend appears to be reversing. Indeed, the bank could offer its own digital asset storage solutions.

BNP Paribas plans to offer a cryptocurrency custody service shortly

According to CoinDesk media, BNP Paribas is expected to offer a banking version of cryptocurrency custody soon. The project could be a choice against wallets and cryptocurrency exchange platforms. Specifically, BNP Paribas customers who hold Bitcoin will be able to keep cryptocurrencies in a virtual safe at the bank.

The project is the result of a collaboration between Swiss cryptocurrency storage specialist Metaco and French bank BNP Paribas. Through this partnership, the bank wishes to develop its asset custody subsidiary “Paribas Securities Services”.

Metaco is not in its first attempt with French banks in some time that the company had supported a subsidiary of Société Générale, with the aim of developing access to this type of services for professionals.

This announcement represents a giant step in the mass adoption of cryptocurrencies, while the price of cryptocurrencies is at an all-time low.

Cryptocurrencies and Banks, Chapter 2

Created during the 2008 economic crisis, Bitcoin is considered a disruption of the banking system. The Bitcoin network allows peer-to-peer transactions without the intermediation of banks. Consequently, it wants to be a freer and totally decentralized solution. However, this direct competition finds some flaws since on the Bitcoin blockchain the individual is enabled during transactions, so if he makes a mistake in a transaction he loses the capital sent, and it is irreversible … Bitcoin has no customer service.

For these reasons, and their highly speculative nature, cryptocurrencies have long been a banking nightmare. Some agencies have even gone as far as illegality by prohibiting their clients from investing in these virtual currencies.

BNP Paribas on Web3

In addition to the blockchain, BNP Paribas is sensitive to so-called Web3 innovations. Indeed, last month the bank took a close interest in the metaverse by announcing the development of WIRED (Wearable Immersive Real Estate Dataroom).

The project is defined as a technological platform that offers virtual 3D reproductions of real cities. To do this, the brand has partnered with digital industry giants such as Nvidia or Magic Leap.

This new announcement regarding the storage of cryptocurrencies is therefore part of a logic of modernization of the image of BNP Paribas. We imagine that, as a pioneer in this field, the French bank will be able to attract new customers sensitive to this type of service. Furthermore, the novelty should make Bitcoin accessible to a wider audience that does not necessarily have an advanced knowledge of the uses of the cryptocurrency sector (wallet, blockchain, gas costs, etc.).

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