French banking giant Société Générale received a license for cryptocurrency

France's 3rd largest bank is turning its face to cryptocurrency. Société Générale Bank was authorized to store, sell and trade digital assets.

The bank was founded in 1864. As of 2020, it has capital of more than 2.2 billion euros and is the 6th largest bank in Europe. Thanks to its subsidiary Societe Generale Forge, which specializes in blockchain technology, the bank will be able to provide services related to cryptocurrencies. The bank was granted this license by the French financial market regulator Autorité des Marchés Financiers.

The country has a €100 million cryptocurrency fund Ledger Cathay Capital, but it is not regulated by the government. Now venture capitalists will be able to use the bank's services.

The bank has previously taken a step towards digital currency by providing services for companies intending to develop digital currency-based funds. In June, Metaco announced a partnership with Forge Société Générale.

France and cryptocurrency
Many cryptocurrency companies see France as Europe's cryptocenter:
The platform has invested $145 million to maintain its operations in France.
Crypto exchanges Luno and Binance have acquired licenses to operate in France
Binance invested $97 million to maintain its operations in that country

A quote from Binance representatives:
"France is a unique opportunity to become a leader in this industry in Europe."