Global banking firm Societe Generale is partnering with Austrian crypto broker Bitpanda to widen access for its euro-denominated stablecoin EUR CoinVertible, which will comply to Markets in Crypto-Assets bill.
According to a press release published on Sept. 25, Bitpanda will be working with Societe Generale-FORGE – the banking conglomerate’s blockchain subsidiary- as a long-term partner in increasing the adoption and accessibility of regulated stablecoins.
European investors will be able to access EURCV stablecoins through the Bitpanda trading platform listing, providing them with “the ability to buy, sell and hold the stablecoin alongside other assets”.
This move will make it easier for Europeans to invest in cryptocurrency ahead of the MiCA Bill, the first regulatory framework for crypto. The bill is part of the EU’s efforts to bring more transparency and protection to the crypto industry.
Jean-Marc Stenger, CEO of Societe Generale-FORGE, believes that the collaboration between SG-FORGE and Bitpanda is vital to their mission of bringing crypto and stablecoins into the global financial market. He said the bank is “confident” in its ability to provide its European customers with a “stable, secure and accessible digital asset for trading, settlement and store of value.”
“The landscape is changing, integration with traditional finance is increasing, and fully regulated stablecoins are the bridge that will make it possible. We will work with Societe Generale-FORGE to bring that future one step closer.”
Lukas Enzersdorfer-Konrad
Echoing Stenger’s optimism, Deputy CEO of Bitpanda, Lukas Enzersdorfer-Konrad states that European stablecoins will become a key element for Europe’s future in terms of the shift to digital assets.
Societe Generale announced their plans to launch the EURCV stablecoin back in April 2023. According to reports at the time, the stablecoin will be backed by an Ethereum(ETH)-based blockchain. Through EURCV, Societe Generale hopes to bridge the gap between traditional capital markets and the digital asset sector.
However, the announcement was met with skepticism from analysts and industry players alike.
Stasis, the firm behind euro-stablecoin EURS, expressed their concern regarding the risks and the “single point of failure” problem associated with commercial bank-issued stablecoins.
‘Main player’ criteria
Speaking to crypto.news on the sidelines of the European Blockchain Convention in Barcelona, Enzersdorfer-Konrad said Bitpanda exclusively partners with “main players” in the financial services industry. For example, in Germany, Bitpanda announced in June a partnership with Deutsche Bank to process customer deposits and withdrawals.
It was “clear” to Bitpanda that it needed to identify a similar top tier bank in France.
And with Societe General, through its subsidiary, SG Forge, it’s crucial to drive digital asset adoption to further facilitate stablecoin usage across our whole platform, but also across theirs, and to support them in the future with all the other use cases they are able to develop. And I think that’s the main essence of the partnership. It’s combining a crypto-native company and a major banking group who is already well-established to drive adoption across Europe.
Lukas Enzersdorfer-Konrad
