Société Générale’s in-house startup, SG-Forge, will enhance its blockchain services for institutional clients thanks to a partnership with Metaco
SG-Forge expands its blockchain services with Metaco
SG-Forge, the blockchain subsidiary of Société Générale, has enlisted the services of Metaco. The Swiss-based company offers turnkey solutions to professionals for the custody of crypto-currencies as well as access to decentralised finance applications (DeFi).
French global banking giant @SocieteGenerale partners with METACO, through its digital asset focused entity SG – FORGE, to expand and orchestrate its institutional digitalasset custody, tokenization and management capabilities.
press release: https://t.co/p8zE1tUqoU pic.twitter.com/8izjyUhkBZ
– METACO (@metaco_sa) June 30, 2022
This partnership allows SG-Forge to improve its crypto services for institutional clients. To do so, the company will rely on Harmonize, Metaco’s product that acts as a bridge between traditional finance and our ecosystem.
Jean-Marc Stenger, CEO of SG-Forge, commented on the news:
Bridging the gap between the digital asset industry and traditional finance requires a multi-faceted approach that integrates institutional-level technology, regulation, and industry capabilities. By partnering with Metaco, SG-Forge is able to leverage their secure infrastructure to ensure that we have a solid foundation to build our business in the digital asset market. “
Society General and the crypto ecosystem
Société Générale has already been familiar with blockchain for a few years now. For example, the company participates in the operation of Lugh’s EUR-L euro stablecoin. In addition, its internal start-up SG-Forge, created in 2018, has allowed the bank to issue bonds directly from the Ethereum blockchain (ETH) since 2020.
To do this, SG-Forge uses security tokens. Blockchain technologies make it possible to increase transparency and speed, thus reducing production costs. Metaco will thus enable SG-Forge to enhance its expertise in capital market transformation.
While cryptocurrencies are not always popular in the banking sector, the underlying technology is. Last month, for example, we mentioned the partnership between BNP Paribas and JP Morgan. Here again, smart contracts are used to optimise financial flows.
But unlike its American competitor, which uses a private blockchain, Société Générale trusts Ethereum and Tezos (XTZ).
