Conclusion & thanks : Institutions need their standards to be met
Subscribe to our smart subscription to read this report in full
The central question regarding digital assets is no longer whether they will attract the interest of institutional investors, but rather how they will be integrated.
For traditional financial players, several obstacles remain, mainly related to integrating this new asset class into their existing offerings. Direct ownership of digital assets represents a major challenge. However, the emergence of entities such as SG-Forge (a subsidiary of Société Générale), CACEIS (a subsidiary of Crédit Agricole) and, in the near future, BNP Paribas, suggests an acceleration in this area.
For institutional investors, the problem is above all cultural. The interviews conducted for this report clearly reveal that the major traditional investors (funds, insurers, banks, etc.) prefer to work with trusted entities that share their language and compliance standards.
It is clear that the PSAN registration issued by the AMF to more than 80 companies is not enough to convince the financial giants. Only PSAN authorisation, which will become compulsory from 2025, could satisfy them. And even then, it is likely that only those with such authorisation from the banking sector will be considered. After scandals like FTX, high finance's distrust of newcomers is understandable.
However, companies emerging from the crypto ecosystem are not without hope. The retail market is vast and is likely to continue to grow for many years to come. IFAs and family offices will play a key role in offering exposure to digital assets, and many specialist firms are already ready to meet their needs.
Between these two extremes, there are alternative products that combine digital asset ownership with a traditional financial structure, such as ETPs. These products are likely to stand out, particularly in the wake of the arrival of US behemoths such as BlackRock. While the industry is not perfect, it has never been so well structured to meet the demands of institutional investors.
Marina Beaudean - Head of 21Shares France
Thibaut Boutrou - COO, Meria
Victor Busson - CMO, Taurus
Jérôme Castille - Compliance Director, Coinshares France
Louis-Alexandre de Froissard - Founder, Montaigne Patrimoine
Arnaud Grünthaler - Partner, Fieldfisher
Enzo Hallot - Founder, Crypto Patrimoine
Frédéric Juret-Rafin - Founder, Alia Finance
François Laviale - Managing Partner, Alphacap Digital Assets
Mounir Laggoune - CEO, Finary
Marc Lecorché - Founder, Qwarks
Jacques Lolieux - Founder, Aplo
Nicolas Louvet - CEO, Coinhouse
Laurent Ovion - Innovation Director, DLPK Group
Benoît Pellevoizin - Director, CoinShares France
Julien Romon - Founder, Tilvest
Cyril Sabbagh - Managing Director, Melanion Capital
Imad Wardé - Founder, HedgeGuard
Oliver Yates - Founder, Aplo
This report was designed by The Big Whale's research department and under the direction of Grégory Raymond.
Graphic design: Céline Robin