France’s state-owned bank, Bpifrance, is diving headfirst into the crypto world. They’re launching a massive $27 million venture fund to invest in crypto startups.
Focusing on French Innovation
This isn’t just any crypto investment. Bpifrance is specifically targeting projects with a strong French connection. The fund will focus on companies involved in decentralized finance (DeFi), artificial intelligence (AI), staking, and asset tokenization. They’re also interested in projects that offer tokens instead of traditional equity.
Keeping Up with the Competition
According to Bpifrance’s deputy CEO, Arnaud Caudoux, this move is partly a response to the US’s pro-crypto stance under President Trump. Caudoux stated that the US is now a major draw for crypto companies globally, and France wants to keep its own share of the burgeoning industry. This initiative aims to foster a thriving French crypto ecosystem.
A History of Crypto Interest
Bpifrance’s interest in crypto isn’t new. They’ve been involved in the space since 2014, partnering with hardware wallet maker Ledger and investing in the DeFi platform Morpho in 2022. This new fund represents a significant escalation of their commitment.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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