Hexarq, the cryptocurrency subsidiary of Groupe BPCE, has obtained regulatory approval from France’s Monetary Markets Authority (AMF) to supply crypto companies to its purchasers in 2025, the Massive Whale reported on Dec. 20.
The approval, often known as PSAN registration, permits Hexarq to supply custody, shopping for, and promoting companies for digital property underneath French legislation, paving the way in which for the French banking large to supply Bitcoin (BTC) to its 35 million clients.
Cautious entry into crypto
The transfer marks a big milestone for BPCE, considered one of Europe’s high 10 banking teams. It highlights BPCE’s cautious however strategic strategy to digital finance because it expands into the crypto sector by way of its Banque Populaire and Caisse d’Épargne networks.
By leveraging Hexarq, the group goals to supply safe, regulated choices for purchasers more and more drawn to crypto platforms. This might not solely assist retain present purchasers but additionally appeal to new ones looking for options to unregulated exchanges.
Hexarq’s PSAN standing marks it as one of many few regulated entities in France approved to supply complete crypto companies. It’s the second financial institution to attain this milestone after Société Générale’s SG Forge, reflecting the rising acceptance of crypto inside conventional banking.
Launched in 2021, Hexarq has operated underneath the radar however is now set to play a central position in BPCE’s technique. Past fundamental transactions, Hexarq goals to supply an ecosystem of crypto companies tailor-made to retail and high-net-worth purchasers.
The app-based platform is anticipated to roll out subsequent 12 months.
Parallel blockchain push
Whereas Hexarq focuses on retail crypto companies, BPCE’s funding banking division, Natixis, is carving its personal area of interest in blockchain innovation.
In November, Natixis collaborated with Caisse des Dépôts to challenge a €100 million bond on the blockchain. This aligns with Natixis’ broader technique to discover tokenization and digital market infrastructure, maintaining it distinct from Hexarq’s consumer-oriented choices.
Natixis’ ongoing blockchain tasks embody creating options for tokenized securities, which might streamline institutional buyers’ operations and increase entry to illiquid asset lessons. These initiatives mirror BPCE’s dual-pronged technique: retail crypto adoption by way of Hexarq and institutional market transformation by way of blockchain.
Regardless of the momentum, BPCE has emphasised {that a} 2025 launch of crypto companies just isn’t assured. A spokesperson famous that whereas the PSAN registration permits the financial institution to pursue alternatives, the rollout will depend upon ongoing danger assessments.
