Major French custody bank CACEIS is enabling access to UCITS natively digital money market funds (MMFs). The bank is also the custodian of the same Spiko branded MMFs. In June, Spiko gained approval from the French Financial Markets Authority (AFME) to launch tokenized US and Euro Treasuries on the Ethereum and Polygon blockchains. Looking at the transactions, it’s getting traction.
This also marks the launch of CACEIS’ new digital asset custody architecture. CACEIS, has over €8 trillion in assets under custody and administration. It is a subsidiary of Credit Agricole, with Santander owning almost 30%. In May it announced the creation of a dedicated Digital Assets business line and previously partnered with technology firm Taurus for custody and tokenization. It also recently landed a Spanish license as a digital asset service provider (DASP), adding to the French license it received last year.
While Spiko’s US Treasury fund has a market capitalization of $39 million across the two blockchains, the Euro denominated one is bigger, at €58 million ($64m). The funds are available to retail investors and have a minimum investment of €1,000 or $1,000 with SME businesses as a key target market. Twenty First Capital is the asset manager and PwC is the auditor.
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