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:
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.
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