French Government-Backed Bank Bpifrance to Allocate €25 Million in Funding towards Obscure Virtual Currencies
In a significant move aimed at bolstering France's presence in the burgeoning world of cryptocurrencies, Bpifrance, the French state-owned investment bank, has announced the creation of a €25 million fund dedicated to supporting French crypto businesses.
The announcement, made by Clara Chappaz, France's Minister Delegate in charge of AI and Digital, was hailed as a strong signal of France's determination to excel in these technologies. The fund will primarily focus on investing in lesser-known cryptocurrencies and will target newly created tokens issued by French projects at the pre-listing stage.
The U.S., under the Trump administration, has shown a willingness to embrace crypto assets, potentially posing a threat to EU financial markets. In response, cryptocurrency companies are reportedly starting to move to the U.S. This progress in the U.S. has prompted Bpifrance to accelerate France's crypto strategy.
The fund will directly invest in cryptocurrencies, with a strategy that does not include purchasing large cryptocurrencies like bitcoin. Instead, it will buy smaller, newly-created tokens issued by French projects. Bpifrance could also help these token projects get listed on exchanges.
Bpifrance's CEO, Jean-Philippe Caudoux, emphasized the importance of keeping great European and UK-based crypto engineers and companies within the EU. He believes it is crucial for the EU to maintain its own crypto ecosystem in the future.
Bpifrance has a history of investing in innovative sectors, having spent over $150 billion on blockchain-related projects. However, until now, its direct crypto investments have been limited. This new fund marks a significant shift in the bank's approach to cryptocurrencies.
Despite extensive online searches, no public announcement or coverage of this €25 million cryptocurrency fund exists in the available recent sources. However, Bpifrance's general role is to support French technology projects through equity investments, debt financing, and venture capital partnerships, aiming to boost innovation and economic growth in sectors including fintech, AI, and potentially crypto.
Further details about the fund, such as its specific investment criteria and timeline, are yet to be announced. As more information becomes available, it will provide valuable insights into how Bpifrance plans to shape France's crypto landscape and compete with the growing interest in cryptocurrencies in the U.S.
This fund, established by Bpifrance, will primarily focus on investing in lesser-known cryptocurrencies, particularly those issued by French projects at the pre-listing stage. In line with this strategy, the fund will also help token projects get listed on exchanges, demonstrating France's commitment to fostering growth in the technology and finance sectors, further emphasized by the bank's past investments in innovative sectors like blockchain and AI.
