SG Forge installs a stablecoin on BitPanda

French bank Société Générale's dedicated cryptoasset subsidiary, Forge, has just announced its tie-up with specialist crypto trading platform Bitpanda. The partnership will see Bitpanda distribute the first CoinVertible, a euro-backed stablecoin launched by SG Forge in April 2023.
FACTS
- SG Forge has therefore teamed up with the Austrian trading platform that enables cryptocurrency trading in particular, to increase the accessibility and adoption of its euro-backed stablecoin, CoinVertible.
- The French bank's subsidiary is committed to working with Bitpanda to help democratize digital assets. More specifically, its work concerns regulated stablecoins, backed by the euro, and therefore presented as a reliable digital financial solution.
- In any case, European investors using Bitpanda's services will now be able to buy, sell and hold the CoinVertible stablecoin, alongside other digital assets.
CHALLENGES
- Democratize digital currencies: Société Générale, via its subsidiary, is today seeking to participate in the democratization of digital currencies in a secure, MiCA-compliant environment. With Forge, the bank's aim is to offer users faster, more efficient and more cost-effective access to digital payments and decentralized finance applications (DeFi).
- Expanding ambitions: CoinVertible has until now been reserved for exchanges between institutional investors. The announcement of this first roll-out should mark the start of large-scale distribution of CoinVertible for SG Forge. Just a few days ago, the subsidiary also announced its intention to offer its stablecoin on the Solana network.
- Bridging two worlds: Societe Generale and Bitpanda underline the unprecedented nature of their partnership and their joint work to create a bridge between traditional finance and the digital economy.
MARKET PERSPECTIVE
- Societe Generale set up Forge in 2018, when the crypto-currency and blockchain markets were just beginning their democratization. Its subsidiary specializing in crypto-assets eventually established itself as a benchmark in its market, notably achieving the status of France's first PSAN (Digital Asset Service Provider), certified by the Autorité des Marchés Financiers.
- In December 2023, Societe Generale announced that it had issued its first digital green bond on the Ethereum public blockchain, an operation managed by SG Forge.