BoursoBank, a bank formerly known as Boursorama Banque, is launching into cryptocurrencies. The online bank of Societe Generale allows its clients to invest in cryptocurrencies through a series of five ETPs (Exchange Traded Products). As part of this initiative, BoursoBank has partnered with CoinShares, a leading European digital asset management company. It is best known for its ETP offering.
How does crypto investing work at BoursoBank?
These financial products are backed by Popular digital currencies include Bitcoin, Ripple, Ether, Solana, and Cardano. They are traded on exchanges and allow investors to bet on an underlying asset without actually owning it. To invest in one of these cryptocurrencies, customers simply need to go to their securities accounts. BoursoBank and CoinShares will then be responsible for purchasing the underlying cryptocurrencies for the financial products.
In a press release, BoursoBank specifies that the offering is based on ETNs (Exchange Traded Notes) issued by iShares, a brand of exchange-traded funds (ETFs) and index funds, managed by BlackRock, the world's largest asset manager, and by CoinShares. Investors do not have to "manage wallets, private keys, or exchange platforms," says BoursoBank.
A "significant step forward" for crypto in France
As Jean-Marie Mognetti, CEO of CoinShares, points out, "BoursoBank's arrival in this market marks a real turning point for the adoption of digital assets in France." BoursoBank remains the leading online bank in France, with more than 7.2 million customers and more than 1.5 million users. This is a "significant step forward for the mainstream adoption of cryptocurrency in France," CoinShares said in a press release.
With this new offering, the online bank aims to capitalize on the growing adoption of cryptocurrencies in France. BoursoBank points out that 9% of the French population owns cryptocurrencies, citing an IPSOS study commissioned by the European Central Bank (ECB), published last January.
Source: Boursorama
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