EXCLUSIVE: Tokenisation: CACEIS (Crédit Agricole) acquires a stake in Kriptown

Slowly, but surely. Rather discreet on matters relating to digital assets, CACEIS is pursuing its strategy. A few weeks after obtaining its MiCA licence, the Crédit Agricole Group subsidiary specialising in securities custody has just invested in French start-up Kriptown.

This is a minority investment as part of an extension to Kriptown's Series A closed at the end of 2024 (€4.2 million). At the time, BNP Paribas and Bpifrance had notably invested in the company run by Mark Kepeneghian.

The amount of the investment is not disclosed, but according to our information, it is comparable to that made by BNP Paribas. "We are a market infrastructure, so it makes sense to be as neutral as possible and to have as many banking partners as possible," explains Mark Kepeneghian.

This deal comes as Kriptown subsidiary Lise is in the home stretch for the launch of its dedicated European trading platform of tokenised shares, aimed at SMEs and ETIs.

Lise has applied for authorisation as a DLT trading and settlement system, under the European pilot regime (SNR DLT). "We should be approved within the next few weeks," explains Mark Kepeneghian. The first IPO on blockchain could take place by the end of 2025, early 2026.

Created in 2018, Kriptown has developed an infrastructure aimed at enabling European SMEs and SMIs to raise equity capital and access a continuously operating secondary market, within a regulatory framework adapted to blockchain.

Role of CACEIS

By joining Kriptown's capital, CACEIS becomes an operational partner of Lise, in particular thanks to its status as custodian, which is essential for making tokenised financial instruments accessible via PEA or securities accounts.

"When you're a stock exchange, for products to be available in PEAs and securities accounts, you need to be connected to the custodian account keeper. CACEIS is a custodian account keeper," explains Mark Kepeneghian.

This deal comes at a time when many financial institutions are interested in tokenisation, in a changing European environment. Other banks, such as Société Générale Forge and Santander, have also launched initiatives in this area.

A game-changing US shift

The CACEIS announcement comes as the US embarks on a major strategic shift. In a long-awaited speech at the end of July, Paul Atkins, the new chairman of the SEC, unveiled his "Project Crypto", with an ambitious goal: tokenise Wall Street.

The majority of tokens would no longer be considered securities, registration procedures would be simplified, and crypto platforms would be able to host traditional assets. This development, supported by the White House and overseen by a Crypto Task Force headed by Hester Peirce, aims to make the United States the world leader in digital finance on blockchain.

This American repositioning is intensifying international competition. In Europe, some are worried about a possible regulatory delay, while the sector is still waiting for a clear framework for decentralised finance, beyond the MiCA regulation.

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