Tech

Silicon Valley-based tech accelerator expands its digital asset vertical to France

04/27/2023
Bitcoin Ethereum News

Plug and Play Tech Center, an accelerator based in California’s Silicon Valley, will expand its crypto and digital assets vertical to France, the company announced April 25. 

Plug and Play has had a Paris location since 2016, where it engages with such verticals as retail, fintech, smart cities and sustainability. Paris is among Plug and Play’s over 50 offices in at least 20 countries. Plug and Play crypto and digital assets head Maximillian Jungreis said:

“I am thrilled to drive our expansion into new markets like France where Plug and Play has built a strong ecosystem alongside key players like L’Oréal, PVH, Lacoste, etc. during the past six years.”

The French program will “help consumer businesses, retailers, and brands move from Web2 into Web3 by educating them […] and introducing them to bespoke partnerships,” according to the announcement. Plug and Play claims to have a network of over 500 corporate partners and 50,000 startups. Chainalysis and AVA Labs are among the Play and Plug alumni.

Related: France mulls fast-tracking registered crypto firms to new EU rules

Plug and Play entered the crypto sector in 2013 with a Bitcoin (BTC) accelerator. It also began mining its own Bitcoin at that time. The Bitcoin accelerator became the foundation of the organization’s fintech vertical, from which crypto and digital assets were again spun off in 2022.

France’s profile is rising in the crypto space. Binance CEO Changpeng Zhao praised the country as “one of the most progressive and open-minded governments that could help in developing pro-crypto regulations” after the crypto exchange received approval as a digital asset service provider in May 2022. Binance said at the time that it intended to “significantly scale” its operations there.

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