Fresh from a contract win at Citi, Swiss crypto custody player Metaco has signed its next Tier 1 banking client, Societe Generale.
The French bank has been an early adopter of the deployment of security tokens in traditional financial contexts. Since 2019, Societe Generale and its subsidiary SG - Forge structured several native security token issuances deployed on blockchain for their clients such as the European Investment Bank’s (EIB) €100 million digital bond issued in 2021.
Societe Generale is now offering a range of capital market products to institutional clients under a native security token format on Ethereum and Tezos.
The agreement with Metaco will see the bank adopt the firm's digital asset custody and orchestration platform, Harmonize, to further expand its offering at scale.
The deployment is taking place within a larger context marked by the the forthcoming implementation of the EU Pilot Regime, which will permit the processing of security tokens through market infrastructures in compatibility with applicable EU regulations.
Jean-Marc Stenger, CEO of Societe Generale - Forge, comments: “Bridging the digital asset industry and traditional finance requires a multifaceted approach incorporating institutional-grade technology, regulation, as well as industrial capacities. By partnering with Metaco, SG - FORGE will be able to leverage their secure infrastructure to ensure that we have a solid foundation to grow our digital asset market activities.”
The agreement with SocGen comes a week after Citi picked Metaco to help it develop and pilot a platform that lets clients store and settle digital assets.