Hexarq, the cryptocurrency subsidiary of Groupe BPCE, has obtained regulatory approval from the French Monetary Markets Authority (AMF) to supply crypto companies to its purchasers in 2025, Huge Whale reported on December 20.
The approval, often known as a PSAN registration, permits Hexarq to offer safekeeping, shopping for and promoting companies for digital belongings underneath French regulation, paving the way in which for the French banking large to supply Bitcoin (BTC) to its 35 million clients.
A cautious entry into cryptocurrency
The transfer represents a major milestone for BPCE, one among Europe's 10 largest banking teams. It highlights BPCE's cautious however strategic method 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 secure, regulated choices for patrons who’re more and more drawn to crypto platforms. This might not solely assist retain present purchasers but in addition appeal to new ones searching for options to unregulated exchanges.
Hexarq's PSAN standing marks it as one of many few regulated entities in France licensed to supply complete crypto companies. It’s the second financial institution to realize this milestone after SG Forge Société Générale, reflecting the rising acceptance of cryptocurrencies in conventional banking.
Launched in 2021, Hexarq has operated underneath the radar however is now set to play a central function in BPCE's technique. Along with core transactions, Hexarq goals to supply an ecosystem of crypto companies tailor-made to retail and excessive internet price purchasers.
The app-based platform is anticipated to launch subsequent 12 months.
Parallel blockchain push
Whereas Hexarq focuses on retail crypto companies, BPCE's funding banking arm, Natixis, is carving out its personal area of interest in blockchain innovation.
In November, Natixis partnered with the Caisse des Dépôts to difficulty a €100 million blockchain bond. That is consistent with Natixis' broader technique to discover tokenization and digital market infrastructure, differentiating itself from Hexarq's consumer-oriented choices.
Natixis' ongoing blockchain tasks embrace the event of tokenized securities options that would streamline operations for institutional buyers and broaden entry to illiquid asset courses. These initiatives replicate BPCE's twin technique: retail adoption of cryptocurrencies by way of Hexarq and transformation of the institutional market by way of blockchain.
Regardless of the tempo, BPCE emphasised that the launch of crypto companies in 2025 isn’t assured. The spokesperson famous that whereas PSAN registration permits the financial institution to make the most of alternatives, rollout will rely upon ongoing threat assessments.
