The French bank is finalizing a pilot project with the crypto startup Curv. BNP Paribas Securities Services is thus experimenting with the transfer of security tokens. This is a step towards providing custodial services for digital assets.
BNP Paribas continues to prepare for the transformation of financial markets and the development of digital assets. In September, its subsidiary embarked on the design of blockchain applications for real-time exchange and settlement via smart contracts.
At the same time, the bank is carrying out experiments in the field of crypto-assets. In partnership with the Israeli startup Curv, BNP Paribas Securities Services has just finalized a PoC (Proof-of-Concept).
Secure transfer of an ERC-1400 security token
The two companies are thus carrying out tests in order to guarantee the security of security token transfers between market players (based on the ERC-1400 standard). To carry out this transfer, BNP Paribas therefore relies on Curv's multi-party computing solution.
This technical platform provides protection for the private keys associated with tokens. For the big French bank, however, this is only a step. It is in fact preparing technically to provide new financial services to its clients.
“This proof of concept with Curv represents an important step in our strategy to provide an integrated custody solution that combines both traditional and regulated digital assets” underlines one of these executives, Bruno Campenon.
The only thing missing now is a legal framework for BNP. “We are now well placed to offer a new service (…) once the regulations on digital assets are in place,” the manager specifies.
Custody services for digital assets
For Curv, this partnership with an international bank is a new milestone. A few months earlier, the startup raised $ 23 million (Series A). Its MPC (multi-party computation) technology provides security for digital assets.
But it also allows the transfer, storage and management of these assets on any blockchain or distributed ledger. Curv hopes to take advantage of the interest of the financial giants to win over new clients.
“Global financial players like BNP Paribas have the opportunity to play a vital role in the digital economy. To do this, they need a secure and scalable infrastructure to offer competitive custody products to their customers, ”said CEO Itay Malinger.