- French bank Bpifrance announced to launch $27 million crypto fund.
- The bank plans to fund early-stage crypto tokens with its investment.
The integration of crypto into traditional finance has already started and is growing every year. With the establishment of clear regulations across countries, more organizations are exploring ways to collaborate with the crypto industry. French bank Bpifrance recently announced its plans to launch a crypto fund to support early-stage projects.
As per the latest Bloomberg report, Bpifrance is launching a crypto fund worth $27 million. The announcement was made during a blockchain event in Paris to foster the French blockchain ecosystem. It plans to make direct investments into early-stage crypto tokens and decentralized technologies.
The Deputy CEO of Bpifrance stated,
“We are convinced of the growing importance that these players will take on in the years to come, and we want to increase French competitiveness and presence in the field of digital assets.”
French Blockchain Ecosystem to Thrive With Bpifrance Initiative
Bpifrance’s new crypto fund will complement its existing initiatives, such as grants, loans, and equity funding, to support local projects. Most of these projects focus on decentralized finance, tokenization, AI-driven tools, digital ID solutions, etc.
This is probably the first time a state bank has taken financially supportive initiatives to support the crypto space in the country. The newly launched crypto fund will primarily focus on small and new crypto tokens developed by french crypto projects.
Furthermore, the Deputy CEO of Bpifrance also mentioned how the US for taking proactive steps to accelerate its crypto strategy. As the United States is exploring ways to regulate and adopt the crypto industry, soon other global countries would also follow the lead.
However, this is not the first time Bpifrance has launched a crypto-supportive fund. It invested in several projects such as Aleph.im, Morpho, ACINQ, and even backed blockchain hardware firm Ledger in 2014. One of the top crypto exchanges, Gemini, expanded its services to France last year.
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