Crédit Agricole Subsidiary Joins Blockchain Post-Trade Pilot

The asset servicer for Crédit Agricole has joined an ongoing blockchain pilot focused on post-trade services for small businesses.

By Stan Higgins

May 5, 2017 at 6:51 p.m. UTC

Updated Sep 11, 2021 at 1:18 p.m. UTC

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Stan Higgins

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

The asset servicer for French banking group Crédit Agricole has joined an ongoing blockchain pilot focused on post-trade services for small businesses.

The group of European financial institutions – BNP Paribas Securities Services, Caisse des Dépôts, Euroclear, Euronext, S2iEM, Société Générale and Paris EUROPLACE – unveiled their project last summer, with the stated goal of "focusing on new solutions that will give small and mid-sized companies...easier access to the financing they need".

Now, CACEIS – the division of Crédit Agricole that focuses on asset servicing – is joining the fray, having inked an investment agreement with the group to help develop the initiative. As noted by the firm, the move dovetails with efforts last year by the French government to clear the way for municipal bonds to be issued digitally via blockchain.

Jean-François Abadie, the firm’s chief executive, said in a statement:

"We are very pleased to participate in this collective innovation process. This promising project combines a wide range of experience and expertise that is appropriate to its ambition to help drive the process of transforming the post-market environment. This is fully in line with the CACEIS strategy of prioritising the development of innovative solutions for its clients."

The firm’s work isn’t its first project related to the technology. In March, CACEIS partnered with bitcoin exchange Bitstamp to let investment funds accept bitcoin.

Image Credit: JPstock / Shutterstock.com

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Stan Higgins

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.