Bpifrance, France’s state-owned investment bank, has announced the launch of a new €25 million fund aimed at investing directly in locally issued, unlisted cryptocurrencies.
The focus of this initiative will be on smaller, newly-created tokens developed by French teams, with potential support for their listings on crypto exchanges. This move is part of the bank’s broader strategy to support the growth of blockchain technologies and the digital asset market within France.
Targeting Emerging Tokens and Supporting Innovation
The new fund will not focus on established cryptocurrencies such as Bitcoin or Ethereum. Instead, it will target smaller, newly-created tokens from French projects, giving these ventures the financial backing they need before they are listed on exchanges. This strategy allows Bpifrance to support innovative projects at an early stage, ensuring that France remains at the forefront of the blockchain and crypto industries.
A Strategic Move to Accelerate the French Crypto Industry
The new fund is a step forward in Bpifrance’s ongoing efforts to nurture and accelerate the development of the crypto sector in France. Arnaud Caudoux, deputy CEO of Bpifrance, emphasized that the fund’s goal is to foster innovation and drive growth in the French crypto industry. “We aim to accelerate the crypto industry, ensuring that France remains a key player in the digital asset space,” Caudoux said.
Bpifrance has a long history of supporting the crypto and blockchain sectors, having invested over €150 million in the industry over the past decade. The bank plans to continue its investment strategy with a similar commitment over the next four years, marking a significant expansion in its support for crypto ventures.
Bpifrance’s Successful Crypto Track Record
Over the past 10 years, Bpifrance has supported around 200 blockchain startups, with investments totaling more than €150 million. These funds have been injected through partner funds and direct equity investments. Notably, €15 million of this amount has gone toward direct equity investments, helping to accelerate the growth of blockchain businesses in France.
Despite the inherent volatility of the crypto market, Caudoux highlighted that most of the projects Bpifrance has supported remain active and are experiencing strong growth. He also noted that, in light of the dynamic environment in the U.S. and globally, it is now time to ramp up France’s crypto venture, aligning with the ambition to double its investments by 2029.
Editorial Team
Reporter at Coindoo
Source: https://coindoo.com/french-bank-launches-e25-million-fund-to-invest-in-emerging-french-crypto-projects/