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 Huge Whale reported on Dec. 20.
The approval, often called PSAN registration, permits Hexarq to offer custody, shopping for, and promoting companies for digital property beneath French legislation, paving the best way for the French banking large to supply Bitcoin (BTC) to its 35 million prospects.
Cautious entry into crypto
The transfer marks a big milestone for BPCE, certainly 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 offer safe, regulated choices for patrons more and more drawn to crypto platforms. This might not solely assist retain present purchasers but in addition appeal to new ones looking for alternate 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 realize this milestone after Société Générale’s SG Forge, reflecting the rising acceptance of crypto inside conventional banking.
Launched in 2021, Hexarq has operated beneath the radar however is now set to play a central function 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 predicted to roll out subsequent yr.
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 problem a €100 million bond on the blockchain. This aligns with Natixis’ broader technique to discover tokenization and digital market infrastructure, holding it distinct from Hexarq’s consumer-oriented choices.
Natixis’ ongoing blockchain initiatives embrace creating options for tokenized securities, which may streamline institutional buyers’ operations and broaden entry to illiquid asset courses. 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 isn’t assured. A spokesperson famous that whereas the PSAN registration permits the financial institution to pursue alternatives, the rollout will rely upon ongoing threat assessments.