Crédit Agricole Subsidiary Joins Blockchain Post-Trade Pilot

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The asset servicer for French banking group Crédit Agricole has joined an ongoing blockchain pilot centered on post-trade companies for small companies.

The group of European monetary establishments – BNP Paribas Securities Services, Caisse des Dépôts, Euroclear, Euronext, S2iEM, Société Générale and Paris EUROPLACE – unveiled their mission final summer time, with the acknowledged objective 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 becoming a member of the fray, having inked an funding settlement with the group to assist develop the initiative. As famous by the agency, the transfer dovetails with efforts final yr by the French authorities to clear the best way for municipal bonds to be issued digitally through blockchain.

Jean-François Abadie, the agency’s chief govt, stated in an announcement:

“We are very pleased to participate in this collective innovation process. This promising project combines a wide range of experience and expertise that is appropriate to its ambition to help drive the process of transforming the post-market environment. This is fully in line with the CACEIS strategy of prioritising the development of innovative solutions for its clients.”

The agency’s work isn’t its first mission associated to the know-how. In March, CACEIS partnered with bitcoin change Bitstamp to let funding funds settle for bitcoin.

Image Credit: JPstock / Shutterstock.com

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