Bitpanda on teaming up with EU banking giant Societe Generale 

Global banking firm Societe Generale is partnering with Austrian cryptocurrency broker Bitpanda to expand access to its euro-denominated stablecoin EUR CoinVertible, which will comply with the Crypto Assets Markets Act.

Bitpanda will work with the banking conglomerate’s blockchain subsidiary Societe Generale-FORGE as a long-term partner to increase the adoption and accessibility of regulated stablecoins, according to a press release published on September 25.

European investors will be able to access EURCV stablecoins through the Bitpanda trading platform listing, which will give them the “ability to buy, sell and hold the stablecoin alongside other assets.”

The move will make it easier for Europeans to invest in cryptocurrencies ahead of the MiCA Act, the first regulatory framework for cryptocurrencies. The law 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 to bring crypto and stablecoins to the global financial market. He said that the bank is “confident” in its ability to provide its European clients with “a stable, secure and accessible digital asset for trading, payments and storage of value.”

“The landscape is changing, integration with traditional finance is increasing, and fully regulated stablecoins are the bridge that will make this possible. We will work with Societe Generale-FORGE to bring this future one step closer.”

Lukas Enzersdorfer-Konrad

Echoing Stenger’s optimism, Bitpanda’s Executive Vice President Lukas Enzersdorfer-Konrad noted that stablecoins in Europe will be an important element for the future of Europe in terms of the transition to digital assets.

Societe Generale has announced plans to launch its EURCV stablecoin in April 2023. According to reports at the time, the stablecoin will be powered 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, this announcement was met with skepticism by both analysts and industry players.

Stasis, the firm behind the euro-stable cryptocurrency EURS, has expressed concerns over the risks and “single point of failure” issue associated with stablecoins issued by commercial banks.

‘Main player’ criteria

Speaking to crypto.news on the sidelines of the European Blockchain Congress in Barcelona, ​​Enzersdorfer-Konrad said Bitpanda has specifically partnered with “main players” in the financial services sector. In Germany, for example, Bitpanda announced a partnership with Deutsche Bank in June to process customer deposits and withdrawals.

It was “clear” that Bitpanda needed to identify a similar top-tier bank in France.

And with Societe General, through its subsidiary SG Forge, it’s vital to drive digital asset adoption across our platform and also their platform to make it even easier to use stablecoins and support them with all the other use cases that they might develop in the future. And I think that’s the core of the partnership. It brings together a crypto-native company and a large banking group that’s already well established to drive adoption across Europe.

Lukas Enzersdorfer-Konrad