Blockchain: Société Générale and EDF join forces

Both companies are seeking partnerships to improve the efficiency of their innovation activities. Therefore Société Générale and EDF are looking to learn from their respective activities in order to be able to accelerate blockchain-related development and innovation.

Partnership between two French giants

Societe Generale SA, also known as SocGen, is a French international investment bank and financial services company based in Paris. The bank operates in different countries under several divisions such as Les Réseaux France, Banque Globale de Transaction, international client bank, financial services, financial and investment bank, private bank, asset management and securities services. Recently, the company has decided to focus on blockchain development as well.

EDF is a French electricity company partly owned by the French government. Headquartered in Paris, the company has a diversified portfolio of over 120 gigawatts in Europe, South America, North America, Asia, the Middle East and Africa, with a turnover of € 71.2 billion in 2016.

Profitable exchange

Société Générale’s subsidiary Forge will select Exaion, a subsidiary of EDF, to provide infrastructure services as well as computing and mining nodes to launch financial products stored on the blockchain.

In return, Forge will provide Exaion with access to its data centers while providing nodes on the Ethereum and Tezos networks.

This partnership could lead to new collaborations in the near future, as both companies will benefit from the exchange of information.

Jean-Marc Stenger, Chairman and CEO of Societe Generale FORGE, stated:

“FORGE offers an open and secure model at the institutional level for transactions with security tokens at the bank level and full compliance with regulatory requirements. We are very pleased to have signed a partnership with EXAION, which will enable us to offer the most efficient services. “

Fatih Balieli, CEO of partner company Exaion, also said:

“The high level of performance of our infrastructure allows us to forge partnerships with Société Générale and FORGE, based on the provision of environmentally responsible, sovereign, safe and competitive solutions. We are proud to be able to support a major player in the banking sector in the development of its blockchain-related activities. “

Growing blockchain

Blockchain is booming and companies spent about $ 4.1 billion on this technology in 2020. The United States leads with spending of $ 1.6 billion, followed by Europe (with spending $ 1 billion) and China (about $ 457 million).

The industry is expected to continue to grow, given that security, data collection and automation issues are often pushed by the private and public sector. The sector is currently looking for qualified talent to hire and has the highest average IT salary in France at 58,000 euros per year, which demonstrates high added value for companies hiring this type of profile.

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