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One of the largest fund management groups in Europe rejects cryptocurrencies

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News Tech: According to Pierri, the French fund management company, which had a market cap of over 537 billion euros as of December 2021, has no ambitions for cryptocurrencies. Therefore, BNP Paribas Asset Management is enthusiastic about blockchain technology. Pierri thinks that by using tokenization, it could be possible to increase liquidity. This is the “clear emphasis” of BNP Paribas’ investment division. During the previous cryptocurrency bull market, there was significant institutional demand.

BNP Paribas Asset Management asserts that there is relatively little demand for the unique asset class, despite the fact that the majority of its clients are institutions. BNP Paribas was reportedly trying to enter the cryptocurrency custody market in July, according to Coindesk. According to reports, the French banking titan, which has assets under control totaling over $13 trillion, partnered with the Swiss company Metaco. Another large French investment bank, Societe Generale, recently introduced new services for asset managers looking to diversify their portfolios with digital assets. The world’s largest bank cited rising consumer demand as justification for the action.

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