SocGen’s Crypto Unit Partners With Bitpanda to List Stablecoin Product

Journalist

Tanzeel Akhtar

Journalist

Tanzeel Akhtar

About Author

Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.

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Last updated:

September 25, 2024 04:06 EDT

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French banking giant Societe Generale-FORGE’s crypto subsidiary SG-FORGE has partnered with Bitpanda, to increase access to its EUR CoinVertible (EURCV) stablecoin.

In a joint announcement, the firms said the aim is to increase the adoption of stablecoins across Europe by listing EURCV on Bitpanda’s broker platform, making it available to more investors.

The stablecoin is fully backed by Euros issued on the Ethereum public blockchain and complies with the EU’s Markets in Crypto-Assets (MiCA) regulations.

Move to Increase Digital Asset Adoption in Europe

SG-FORGE said that its partnership with Bitpanda reflects a shared commitment to advance the use of digital assets, particularly stablecoins in Europe.

In December, the French bank listed its stablecoin, EURCV CoinVertible, on the Luxembourg-based Bitstamp crypto exchange.

“We are committed to offering European users a stable, secure, and accessible digital asset for trading, settlement, and store of value,” said Jean-Marc Stenger, CEO of SG-FORGE in a statement.

With the use of Bitpanda’s infrastructure, EURCV will be used in daily transactions, cross-border payments, and remittances across Europe.

Stablecoins give the advantage of price stability allowing users to participate in the digital economy without the volatility typically associated with cryptocurrencies.