TBW - BoursoBank takes its turn in cryptos
BoursoBank is (finally) entering the crypto era. The online bank, a subsidiary of Société Générale and a long-standing benchmark for consumer brokerage in France, is launching a first-of-its-kind offering of ETPs (Exchange Traded Products) backed by crypto-assets on 25 March. To support this first, it has teamed up with CoinShares, Europe's leading investor in digital assets.
From today, five ETP products from the "CoinShares Physical" range are available on the BoursoBank platform. The aim is to democratise access to crypto-assets for French investors, within a regulated, secure and familiar framework.
This is a symbolic and structuring step for the French market. For the first time, a major retail bank is enabling its customers to access crypto-backed financial products traded on regulated markets via their ordinary securities account.
"This partnership consolidates CoinShares' position as the European leader in institutional investment in digital assets," says Jean-Marie Mognetti, CEO of CoinShares, with satisfaction. "BoursoBank's entry into this market marks a real turning point for the adoption of digital assets in France. "
Among the products on offer:
- CoinShares Physical Bitcoin (0.25% annual fee)
- CoinShares Physical XRP (1.50%)
- CoinShares Physical Staked Ethereum, Staked Solana and Staked Cardano, all three with no management fees and staking rewards of up to 3% per annum.
These ETPs are listed on traditional exchanges and benefit from physical replication, guaranteeing real ownership of the underlying assets.
"If an investor wants to buy €50 million worth of our products, a market maker will go to the market to buy the corresponding number of cryptos," explains Jérôme Castille, head of compliance for CoinShares in France. "These will then be sent to the custodian, in this case Komainu, which will then have this deposit certified by an independent administrator," he continues.
"Only after the latter's validation can new ETP shares be issued and sent to the investor's portfolio via Euronext. At no point does Coinshares touch cryptos, that's not our business", he insists.
In plain English, if CoinShares goes bankrupt, investors risk nothing.
With more than 7 million customers (including 1.5 million in 2024 alone) and 17 years of leadership in bank charges, BoursoBank carries a lot of weight in the online banking landscape. Its decision to include crypto ETPs in its stock market offering reflects a clear shift: digital assets are no longer the preserve of specialist platforms or technophile profiles.
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